Need to start saving on recurring processing fees? Visit GoCLEARswipe.com to get started with your demo and on-boarding today! (https://goclearswipe.com/?utm_source=podcast&utm_medium=art19&utm_campaign=goclearswipe.com) 💰 Navigating Payment Processing Fees with CLEARswipe (https://goclearswipe.com/?utm_source=podcast&utm_medium=art19&utm_campaign=goclearswipe.com) with Co-Founder, Jeremy Russo (https://www.linkedin.com/in/jeremy-russo-a99b9061/) . ClearSwipe (https://goclearswipe.com/?utm_source=podcast&utm_medium=art19&utm_campaign=goclearswipe.com) , a company co-founded by Jeremy Russo, that helps businesses reduce or eliminate credit card processing fees through a strategy called dual pricing. Jeremy Russo explains that these fees, often the third-highest cost for businesses, can be avoided by offering customers two distinct prices: a lower "cash" price and a slightly higher "credit card" price that includes the processing fee. This discussion clarifies the nature of interchange fees, how different businesses (high-risk vs. low-risk) face varying rates, and the distinction between dual pricing (transparently displaying two options) and surcharging (adding a fee at the end of the transaction, which isn't compliant in all states). CLEARSwipe (https://goclearswipe.com/?utm_source=podcast&utm_medium=art19&utm_campaign=goclearswipe.com) aims to integrate seamlessly with existing accounting systems like QuickBooks and is designed to be a compliant solution for businesses of any size, offering next-day funding and month-to-month contracts. FAQs on CLEARSwipe (https://goclearswipe.com/?utm_source=podcast&utm_medium=art19&utm_campaign=goclearswipe.com) : Eliminating Processing Fees with Dual Pricing What are credit card processing fees and why do they exist? Credit card processing fees are charges incurred by businesses when they accept credit or debit card payments. These fees are primarily made up of "interchange" fees, which are charged by card networks like Visa, Mastercard, American Express, and Discover. These fees cover the cost of owning and using the card, as well as the processing of transactions. The exact percentage of these fees can vary based on several factors, including the type of business (e.g., high-risk versus low-risk, where high-risk businesses like tow truck services might incur higher fees due to potential chargebacks), the volume of transactions, and the specific type of card used (e.g., an American Express Platinum card with rewards will cost a business more to process than a basic debit card). Businesses ultimately bear these costs, which in turn fund the rewards and benefits consumers receive from their credit cards. How do traditional payment processors like PayPal and Stripe compare to Clear Swipe in terms of fees? Traditional payment processors like PayPal, Stripe, and GoDaddy are widely known and trusted, making them convenient choices for many businesses, especially those just starting out. However, they typically charge higher processing fees, often ranging from 2.5% to 3.5% plus an additional 20 or 30 cents per transaction. While convenient, these fees can accumulate significantly, impacting a business's profitability, regardless of the average transaction size. Clear Swipe, on the other hand, focuses on eliminating these fees for the business by offering a "dual pricing" model, which passes the processing fee onto the customer who chooses to pay with a card. This allows businesses to retain 100% of their advertised price. What is dual pricing, and how does it benefit businesses and consumers? Dual pricing is a transparent payment model where a business displays two prices for a product or service: a slightly higher price for credit card payments and a lower price for cash payments (which includes physical cash, Zelle, Venmo, Cash App, etc.). For example, if a business wants to net $100, they might display a credit card price of $103 and a cash price of $100. This model ensures the business always nets their desired amount, as the credit card processing fee is covered by the customer who chooses that payment method. Consumers benefit by having the option to avoid the fee by paying with cash, or they can choose to pay the higher price with a card to earn rewards or for convenience. Dual pricing is compliant in all US states and internationally, making it a widely applicable solution for businesses of all types and sizes. How does CLEARSwipe (https://www.linkedin.com/company/go-clear-swipe/) integrate with existing business systems like QuickBooks? CLEARSwipe aims to minimize disruption for businesses by integrating seamlessly with existing systems where possible. For instance, CLEARSwipe has a platform that directly integrates with QuickBooks. Since QuickBooks doesn't natively support dual pricing, CLEARSwipe's system intercepts the invoice as it's being sent from QuickBooks, automatically calculates and applies the dual pricing, and then send...

Comments & Upvotes

Also watch