How The Interchange Plus Model Is Built For Business Growth
Before the holiday season officially takes hold this week, we thought it important to discuss a gift (of sorts) that Unity Payments offers its customers all year round. You see, when choosing a payment processing solution, it’s important for business owners to understand that there are various pricing models out there. At Unity Payments, we believe in straightforward, honest pricing. Our Interchange Plus model is designed to reflect that very commitment!
There are no hidden fees and no lengthy contracts. This translates into savings that scale as your business grows. With the Interchange Plus model, your business is given clarity and value every step of the way. In a way, it’s the gift that keeps on giving!
What makes the Interchange Plus model so special?
The Interchange Plus pricing model is quite unique. It is a payment processing structure that separates the actual cost of a credit card transaction (the interchange fee) from the processor’s margin. This ensures transparency and allows businesses to see exactly what they’re paying for.
Okay, so let’s define what an interchange fee is. This is the cost set by the credit card networks (Visa and Mastercard, for example) and paid to the issuing banks. It varies based on card type, transaction size and processing method. A processor’s margin is defined as the fixed, transparent fee charged by Unity Payments for processing the transaction.
For example, a typical in-person transaction with Unity Payments is: 1.75% + 8¢. For online transactions, the average is: 2.35% + 8¢. These rates reflect both the interchange fee and our minimal margin. This ensures competitive pricing while maintaining full transparency.
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Why should your business choose the Interchange Plus model?
Unlike bundled or tiered pricing models, Interchange Plus clearly outlines the interchange fee and the processor’s margin. There are no surprises or hidden costs. We simply offer honest, upfront pricing. It is tailored to your company’s transaction types. Credit card interchange fees vary depending on the type of card (rewards cards and corporate cards, for example) and transaction method (in-person or online). With Interchange Plus, you’re only charged the true cost for each transaction, rather than an averaged or inflated rate.
As mentioned, Unity Payments has eliminated monthly fees and lengthy contracts. You pay only for what you use. This gives you the freedom to grow your business without being tied down by unnecessary commitments. One of the most unique and exciting aspects of our Interchange Plus model is how it rewards your growth. As your business expands and transaction volumes increase, our margin naturally decreases. This means your savings grow in tandem with your success.
How do we ensure long-term value?
Firstly, your business is given access to the lowest possible interchange rates for all credit card types. As well, our fixed margin becomes a smaller proportion of your total costs as your transaction volume increases. This amplifies your savings!
At Unity Payments, we’re dedicated to simplifying payment processing for Canadian businesses. With our Interchange Plus model, you’ll experience competitive rates, transparent pricing and savings that grow with your success. Are you ready to experience the benefits of Interchange Plus? Find your rates today or contact us to learn more. Call Unity Payments at 1-800-661-3761 or email us at info@unitypayments.ca.