Online platform Schedulicity has secured $22m funding in a private investors round to support the launch of a new payment processing technology.

Named Schedulicity Pay, the payment processing technology is set to come with a low card processing fee of 1.99%, noted the company. This is said to be 30% cheaper compared to other payment providers.

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The platform will accept all major credit cards. Also, users can request for full pre-pay or credit card hold or partial deposits.

Schedulicity added that businesses will get next-day and two-day funding options for receiving deposits. Users can also send email or print receipts to consumers, while viewing transaction details and reports.

The payment processing technology will be accompanied by a countertop payment processing device and a mobile credit card reader.

Schedulicity stated that it will make these devices available for existing and new businesses over this month.

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Schedulicity founder and CEO Jerry Nettuno said: “By launching payment for our partner businesses at the lowest rates available, and with no contracts or hidden fees, we are aiming to create the simplest solution for small business owners around the country.

“We are setting out to demystify payment processing while offering our professionals the tools and extra resources to be the best entrepreneurs they can be.”

The company also plans to use the funding proceeds to expand its headquarters in Bozeman, Montana, US. Furthermore, Schedulicity intends to support a future brand campai