“We only succeed when our clients succeed, and that’s exactly how it should be…”
When people think about credit card processing, they often imagine a card present environment like a retail store or a restaurant where the customer’s card is physically present and being run through a terminal or point-of sale system. While we can service those types of businesses, our expertise and unique value proposition are centered around the card-not-present and omnichannel businesses (businesses that accept payments across multiple different environments). To get a better feel for some of the industries we specialize in, be sure to visit the Industries page.
Your business depends on the revenue you collect through payment processing, so you need a partner that you can trust. At Magothy Payments, our obsession with transparency is abundantly clear 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 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 can offer discounts for merchants with high(er) volume.
Business owners don’t like change. We get it. If it ain’t broke, don’t fix it, right? Well, the way many software companies do payment processing is definitely broken….or at least expensive. Oftentimes, business owners find themselves in a situation where they’re dependent on a particular software to run their business that has integrated payment processing, but the cost of said processing is nowhere near competitive. They’re being held captive by golden handcuffs.
We’re here to help, so we have several software integrations that allow busy business owners to continue using the programs they love while processing with us for a fraction of the cost. Take QuickBooks for example. We offer QuickBooks SyncPay, a plugin that works with QuickBooks desktop to process payments inside of qb while reconciling invoices and sales receipts simultaneously. If you love qb, but don’t like what Intuit charges for payment processing, give us a call and we’ll be able to assist you.
Be sure to connect with us and we’ll be able to determine whether or not we can integrate with you existing solution.
*QuickBooks is a registered trademark of Intuit, Inc. All rights reserved.
One of the challenges of having a high average ticket is fighting chargebacks. A chargeback occurs when a customer calls their bank and says they didn’t authorize the credit transaction or that the merchant ripped them off. This is a big, big problem for merchants in the home improvements and home services space. Visa and Mastercard have a chargeback window of 120 days from the sale or the delivery of the goods/services (whichever is later). Meanwhile, American Express and Discover have a window of one full year. Sadly, many consumers have resorted to using the chargeback process as a customer service tool when they’re not 100% satisfied with something, as opposed to using it as a fraud mitigation tool as it was intended.
When a chargeback has been issued, the processing bank will withdraw those funds from the merchant’s bank account and hold them in escrow and essentially require the business to prove they had the authorization to charge the card and they completed the services as described. That’s where we come in. We’re experienced in handling chargebacks, so we’ll be able to assist to help you get your money back. We offer this service to our clients at no additional charge. Our clients rely on our experience and our expertise to give them the best chance at getting their funds returned. That said, we cannot and will not assist unethical businesses who are intentionally trying to get over on their customers.
We also consult with our clients, free of charge, to make sure their agreements, authorization forms, and best practices are such that they minimize the likelihood of chargebacks ever happening. An ounce of prevention is worth a pound of cure, right?
Many businesses believe that it’s more expensive to accept corporate cards. That’s not exactly true. In fact, if you’re in the B2B or B2G space and pass along enhanced data (level II or level III) the costs are typically lower – sometimes dramatically lower.
Enhanced data means that you’re inputting more information into the gateway at the time of purchase. This is [primarily] for card-not-present sales. This data can include tax amounts, tax ID numbers, customer codes, freight/shipping amounts, duty, item commodity codes, quantities, and other information descriptive of the purchase.
In summary, level II and level III data allows large ticket business-to-business and business-to-government transactions to have an overall lower cost because the more information you’re able to provide the less likely that it’s an unauthorized or fraudulent transaction – which dramatically decreases the likelihood of a chargeback.
If you’re doing high dollar B2B or B2G transactions, give us a call to schedule a demo so you can see how our Magothy Payment Gateway can save you money with its enhanced data features.