Who We Are
Our Mission & Vision
Our Mission
Our mission is to be an advocate for small, local businesses by providing payment processing services that are secure, innovative, and fairly priced without a long-term commitment.
Our Vision
We envision being the premier, most trusted merchant services provider that community banks, credit unions, CPA firms, and trade associations recommend to their clients for payment processing.
We will accomplish this by continuing to prioritize client retention above new client acquisition and promoting a culture that emphasizes our three pillars of success:
Do What You Say You’re Going To Do
Treat People Well
Own Up When You Mess Up
In The Community
Minority Owned
We are proud to be an MDOT Certified MBE/DBE/SBE for 5+ years and counting. We also think it’s worth mentioning that while there are more than 1,400 ISO’s in the country, less than 10 are owned and operated by an African-American, which puts us in an elite company.
Community Centered
Unfortunately, a few bad apples in the payment processing space have given the entire industry a bad reputation. One of the reasons Magothy Payments exists is to restore honesty and transparency to the industry. One of the ways we have done this is with the Maryland House Bill 777. Learn more about it, here!
We’re ETA Certified!
The ETA is the leading trade organization for the payment processing industry. It’s where payments and technology intersect. With over 500 members worldwide, including all the major card brands and banks, the ETA provides many helpful resources as well as a platform for collaboration that propels the industry forward. Their Certified Payments Professional certification is the gold standard for industry ethics and education – a certification that very few payment professionals hold. Our CEO, Jaron Rice, is one of only nine Certified Payments Professionals in the state of Maryland.
Procurement
View our full Capabilities Statement, here!
The Visionary: Jaron Rice, Founder & CEO
Jaron Rice is a lifelong Marylander who resides in Howard County with his wife Jess, three biological tax deductions, and an English Cream Golden Retriever who sheds white hair on every single horizontal surface in the house. They also have a cat who loves Jess and hates Jaron. In other unrelated news, the cat might soon be homeless.
Jaron sits on the Board of Directors for the Better Business Bureau of Greater Maryland. He’s also involved with BNI, the Northern Anne Arundel County Chamber of Commerce, the Pasadena Business Association, the Greater Severna Park & Arnold Chamber of Commerce, and the Greater Crofton Chamber of Commerce – all of which are clients of ours as we service their payment processing needs. As an active community member, Jaron is a volunteer and pastor at South Shore Church in Crownsville.
Magothy Payments is a 2019 Torch Award for Ethics winner from the Better Business Bureau of Greater Maryland and the only MDOT Certified Minority Business Enterprise payment processing company in Maryland.
When he’s not working, Jaron is usually chasing tiny humans, glamping in the RV (glamour camping – when you like the outdoors but also like air conditioning and indoor plumbing), or losing at fantasy football.