What could you do with $340? That’s about 85 cups of coffee at Starbucks, a car payment or a relaxing weekend getaway.
This is how much the average BizPayO user saves each year when enabling our fee recovery feature. You literally click a button to set it and forget it.
What is credit card processing fee recovery?
Credit card fee recovery is the ability to tack on a surcharge or convenience fee when customers pay you via credit card. Depending on your customer’s credit card the processing fee is typically between 2.5 and 4%. Our fee recovery feature lets you set this surcharge up to 4% (the legal limit), however most customers set it at 3%.
Will customers pay the credit card surcharge fee?
When a payment is made through BizPayO your customers always have a choice whether to use a credit card or pay via ACH (at no cost). This choice let’s you tackle the growing cost of processing fees while offering an alternative payment method.
"I'm actually surprised how many will pay 3% more to pay by charge cards. Makes it a no brainer. I'm happy that transactions are batched gross and fees subtracted at the end of the month. This makes it easy to reconcile. I'm happy that the system is intuitive and easy to use - we've had no client questions on how to pay us online."
Peter Frueler, CPA
One reason that many customers are receptive to the credit card recovery fee is due to the points and rewards associated with many B2B credit cards today. For others paying online via credit card offers the convenience of not having to mail a check.
Another reason is that customers don’t always have immediate access to cash or working capital to pay their bills. A credit card allows them to make these payments instead of having to resort to a loan or impacting their working capital.
Enabling fee recovery is the first step in recovering up to 9% of your business profits. Give your customers a choice of how and when they can pay you while optimizing your cash flows with BizPayO.