When your business depends on the revenue you collect through payment processing, you need a partner that you can trust. At Magothy Payments, our obsession with transparency is clearly evident in our pricing structure. We only use interchange+ pricing and we fully disclose our markup on the monthly statement, both as a percentage and as a dollar figure. This means our clients know exactly how much revenue we generate from servicing their accounts.
Our standard markup (which doesn’t apply to high-risk or CBD businesses) is 0.50% and 10 cents per transaction on top of interchange. That means we’re going to generate roughly $50 in revenue for every $10,000 that our clients process. We offer discounts for merchants with high volume/transactions.
We also offer PIN debit processing for businesses with higher average tickets. When a customer is paying with a debit card (in a card-present environment), it costs considerably less to have them enter their pin number because you’re just paying the interchange cost plus 25 cents for the transaction. We also offer a number of terminals that combine the pin pad and the terminal, so merchants don’t have to buy multiple pieces of equipment if they don’t want to.
On April 30, 2019. Governor Hogan signed HB777 into law. To read more about the bill visit www.magothy.biz/hb777 Maryland’s HB777 and its senate companion SB694 were designed to bring more transparency to the payment processing industry in the great state of Maryland. The Problem: Many small businesses get locked...Read More >
Have you ever heard the saying, “One bad apple spoils the barrel?” It’s true, ya know. An overripe, spoiled apple will emit significantly higher levels of ethylene gas causing other apples around it to overripen as well. We often use this saying or variations of it to describe how low character people can be bad influences on...Read More >
Magothy Payments came as a recommendation from our accountant who realized how much we were paying with our old company. Jaron made the process very easy by reviewing our old statements to see if there was any room for saving. After our consultation, he offered to use Magothy payments for one month and if we didn't see any savings we had the option to walk away without losing anything. Jaron has been upfront from the beginning and has been there promptly to address any concerns we have with our system. I highly recommended Magothy Payments!
Dr. Hetal Rana, Eye Associates
Worldwide Waterproofing changed payment processing companies in 2016 after 14 years of being with the same provider. We had a great initial meeting with Jaron and felt comfortable with his knowledge and expertise. Working with a local company that is easily accessible made sense for us. We hadn't really tracked our credit card costs over the last several years, so we were BLOWN AWAY when we saved more than $2000 in our first month alone. This was the by far the best decision we could have made. We get our deposits next day, the platform is easy to use, and we finally have a relationship with the company funding our transactions. I couldn't recommend Magothy Payments enough.
Summer Hoder, Worldwide Waterproofing
Magothy Payments has been GREAT for our business. We get calls from merchant services vendors every day. But when you need service from THEM, they are nowhere to be found. This never happens with Jaron and his team. Their personalized service is outstanding, and our costs are down too! I highly recommend you consider Magothy Payments for your business.
Bruce Spencer, Walt Eger's Service Center
The team at Magothy Payments is nothing short of SPECTACULAR and I can't recommend them enough! If you are tired of wondering if you are paying too much for your credit card processing and harassing daily calls about saving you money, I can assure you that Magothy Payments is your BEST option. Local, Personal and Professional, their integrity shines through at every service opportunity. The statements are transparent, the rates are the lowest, and they are focused on a long-term relationship that will save you money. Everyone that I have referred comes back to me very satisfied and glad that they made the change.
Andy Byrd, Victory Awards & Promotions