Part of being a savvy business owner is finding ways to stay on top financially. But before you start cutting funding from your marketing and advertising efforts, take a look at the hidden headache secretly biting you from behind — credit card processing fees.
As a small business owner, managing resources is vital, and unnecessary credit card processing fees and hidden fees that loom in the fine print are problematic. ThryvPay takes the hassle out of credit card processing.
Service-driven With You in Mind
We didn’t create payment processing, but we’ll take credit for making it better. There’s a lot on the line when payments don’t run smoothly, which can cause unnecessary challenges.
18% of small businesses surveyed said that slow payments cost them $5,000 or more in the last 12 months.
With ThryvPay, you’ve got choices. One of those is ACH, which stands for Automated Clearing House. It sounds like a mouthful but simply means an electronic payment made between banks rather than through cards (typically processed through your customer’s checking account).
If you don’t want to accept credit cards and only accept cash or checks, ACH is a great option. Instead of waiting for checks to arrive in the mail, and even longer for them to clear the bank — or worse — bounce, ThryvPay’s ACH processes the payments digitally.
Using ACH is full of benefits such as:
- Low cost due to avoiding the route through expensive credit card networks.
- Available to anyone as long as they have a US bank account, including both businesses and consumers.
- Higher retention and lower involuntary churn because it’s linked to customer accounts rather than cards, which expire.
When it comes to saving big, it’s no secret that ACH payments are the way to go. They make up nearly 82% of the United States’ payments and for good reason. With ThryvPay, a $5,000 transaction made with ACH would cost your business no more than $9 in added fees.
That same purchase, if made on a credit card, could see a whopping $145 in fees with some payment processing services.
ThryvPay Rocks Plaid
When you’ve put your all into a job, the only thing worse than slow payments, are payments that result in a returned check and fund removal.
With ThryvPay you have ACH and Plaid in one, which means fund availability gets checked immediately, even before you’re paid for your service. Goodbye bounced checks and insufficient fund fees and hello to saving on transaction fees.
39% of small businesses spend five hours or more per week managing payment issues.
The ThryvPay-Plaid partnership gives the ability to:
- Instantly authenticate accounts. Plaid retrieves account and routing numbers when customers connect their account using their bank credentials.
- Connect accounts from any US bank or credit union. Smaller banking institutions may require manual verification.
- Verify user identities using bank data. This is only done during the initial setup but helps ensure money is deposited to the correct bank account.
Pay by SMS Text
No cash, no card, no problem. An easier, safer and contactless way to pay is at your customers’ fingertips. When you create an invoice, you can now collect payment three ways — charge by credit or debit, record payments or by client mobile. It’s as simple as sending a link to the client’s cell phone for them to pay the invoice or payment amount.
88% of consumers say that retailers payment options impact their decision on where to shop.
With COVID-19 came the need to adapt to safer business practices. What better way to show your customers you care about their safety than to provide a contactless customer experience by skipping touchpads and signatures.
Want to learn how ThryvPay can help you save thousands of dollars each year? Use our Calculator to compare ThryvPay to your current payment solution.