JetPay Introduces Limitless: A Program Giving Merchants the Choice of Who Pays for Their Transaction Costs
Berwyn, PA – November 16, 2015 – JetPay® Payment Services, a division of JetPay Corporation (“JetPay” or the “Company”) (NASDAQ: “JTPY”), a leading provider of debit and credit card processing, payroll/HR/TLM and prepaid card services, today announced Limitless, a processing program designed to provide unlimited processing to merchants for a flat monthly fee.
Limitless Processing program was created to meet the challenges merchants face when accepting credit cards. Oftentimes, merchants pay out a significant amount of their revenues due to fees associated with credit and debit card processing. Until recently, most merchants were required to bear the cost of these transactions and were not allowed to pass along costs to customers. Due to changes in card network rules, merchants now have the option of charging a different price for cash versus card transactions, and JetPay, in collaboration with Hybrid Business Services, has developed the technology that enables merchants to make that choice.
Limitless allows unlimited processing volume for a single flat monthly fee. Consumers paying with cash obtain a discount based upon the average transaction size. For transactions where consumers paid with cards, the difference between the cash price and the credit price is used to pay card fees. JetPay will initially launch the program using the Hybrid SmartRegister® as well as terminals from Equinox.
Paul Compton, Executive Vice President and National Sales Director of JetPay Payment Services commented on the program, “In my 20+ years of talking with merchants, processing fees and the ability for merchants to control them is a number one concern.” He continued, “Limitless finally offers the merchants a choice of who pays for the cost of using cards, and we are excited to provide them with a product that enables that choice.”