Payment processor Impact PaySystem is to offer a flat rate credit card processing service called 1Rate.
The company claims 1Rate is designed so merchants can accept credit card payments at a single rate, eliminating more complex rate structures as well as monthly fees, such as statement, PCI, and compliance fees.
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Merchants use the website 1easyrate.com to calculate their rate. The online calculator gives an instant comparison revealing whether a merchant is paying a fair price.
Dee Karawadra, president and chief executive of Impact PaySystem, said: "This provides an excellent way for the merchant to see if they are paying a fair price or, in fact, being overcharged, credit card processing is complicated, with so many moving parts. 1Rate will make it easy for the merchant to understand and rapidly reconcile their statement."
A customer’s ‘1Rate’ is determined by the volume and the total number of transactions. Impact PaySystem say they will not charge any additional fees other than the standard PIN Debit as well as the ancillary fees such as Chargebacks/Retrieval, Voice Authorization, AVS, and American Express transaction fees.
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