Today, the cost of government and education-related services are rising – and your institution may be caught in a dilemma. On one hand, you have provided easy payment methods such as credit and debit card payments for your customers so that they can find it convenient to pay for services and you find it simple to collect payments.
On the other hand, when consumers choose card payments, they often pay an additional service fee, meaning that they are paying more for their government or education services. Conventionally, this fee is a single, flat-percentage rate (e.g. 2.75%). This may create tension with your commitment to providing the fairest and most affordable services to consumers.
As a responsible government or educational institution, we fully understand that you may want to find a way to balance your economic interests with the satisfaction of your consumers. Also, recent regulatory trends have underscored the need for fairness and transparency in consumer financial transactions. That is why Nationwide Merchant Solutions has partnered with CardX to reduce card transaction fees with Intelligent Rate™ – one of the stellar solutions that can price your individual services at their actual costs.
How Does Intelligent Rate™ Work?
Intelligent Rate™ is a patent-pending technology that can calculate (in real time) the actual cost to accept a particular card that your consumer is going to pay with. This action happens on your checkout page when the consumer is typing in his or her card information. Considering that different cards have distinct inherent costs, Intelligent Rate™ will adjust the service fee automatically in proportion to what each transaction will cost. In addition, this merchant service will alert the paying consumer about potential savings on the service fees, if he or she chooses another form of payment that features a lower service processing fee. This usually refers to debit cards or no-frills credit cards.
What Can Intelligent Rate™ Do for Your Institution?
At Nationwide Merchant Solutions, we are always committed to finding the best payment processing solutions for our customers. Here’s a list of benefits you can gain when you choose to use Intelligent Rate™ for payment processing:
- Automatically determine service fees based on the card used by consumers
- Consumers can pay as little as 0.6% as compared to 2.75% for the service fee
- Pay nothing for your institution’s processing costs
- Pass on the real cost of card acceptance
- Ensure transparency for your consumer financial transactions
- Gain the trust of consumers
- Be compliant with future regulatory trends
- Achieve a win-win situation for both your economic interests and accountability to consumers
If you want to learn more about Intelligent Rate™ by CardX, you can email us or give us a call at Nationwide Merchant Solutions. We can show you exactly how your government or educational institution can benefit from implementing Intelligent Rate™ into your payment processing pages. For those who are located in the Tri-State area, our sales team will also be more than happy to provide a live demo on how Intelligent Rate™ and our other merchant solutions work.