The Essential Questions You MUST Ask BEFORE You Choose A Payment Solution

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1 If you own a company that receives payments from clients/customers, and/or pays out commissions or payrolls, you will know that finding a suitable payment solution is critical to minimize fraud, reduce the cost of transacting, and reduce administration. I would like to introduce you to a payment solution purpose built to achieve all these outcomes, while also increasing your bottom line profits, creating new revenue streams, and putting you in more control of your revenue. When selecting a payment provider you should always be asking the following questions. What methods of payments are available for your customers to pay you and what is your risk with those methods? Credit cards are typically the first method of payment people think about and although this is a quick and convenient way to collect payment it can also be a payment method full of potential risks and challenges a. Depending on the type of business you are and what products you promote you may find it very difficult for conventional credit card processors to accept you as a client. As soon as you mention you are in any type of Network Marketing business you have eliminated over 90% of the options and for those that do accept you the fees will be high plus you will lots of tough conditions imposed on you. Page 1

2 b. Another issue is while Visa and MasterCard credit and debit cards may be easy to obtain for those in developed countries, most people in emerging economies (often your biggest markets) may not qualify for a bank account, let alone a Visa or MasterCard. So only accepting Visa and MasterCard has now just eliminated more than 80% of your potential market. c. Credit Cards come with the risk of fraud and charge backs. Fraud: There are a growing number of people with lists of stolen credit cards waiting to prey on companies just like yours. Charge Backs: Banks also allow people who make payment by Visa, MasterCard or Amex to charge back their purchase up to 6 months or more after they made the payment. In most cases it will be up to YOU to prove the purchase was legitimate and a charge back comes with exorbitant fees for you, having your sales revenue clawed back off you, and no refund of the processing fees you paid to process the card, plus you can be fined if there are too many charge backs and lose your processing account! So it is wise to consider offering as many non-credit card payment solutions as possible. There are many advantages a. You don t have the same fraud or charge back risk b. You received cleared funds and generally the fees are less c. You can attract a wider demographic of customers There are options and attractive solutions if you know where to look! Our payment solution providers can offer the following options for your customers. a. Visa, MasterCard, Discover and American Express b. Local banks offering branch deposit or online transfer (not all countries) c. International Bank Wire d. Other existing non-credit card payment solutions can be integrated. e. Local PAY IN points such as company offices or retail outlets The GOAL is to have as many PAY IN options as possible to reach a broad demographic of potential customers while reducing the risk of fraud and charge backs. If you are considering accepting Visa, MasterCard, Amex as a method of payment please download and review our PDF, Essential Questions You Need To Ask BEFORE You Choose A Credit Card Processing Account. When your customers make payment whose bank account is YOUR sales revenue going into? If you use the common solutions like PayPal, SolidTrustPay, Neteller, Perfect Money, OKPAY, Towah and other well-known solutions, YOUR sales revenue is going into the bank account of the payment processor FIRST, then you have to withdraw the money to YOUR account. Page 2

3 The question to ask is this a. What happens if the processor goes out of business, runs into problems, has technical issues, experiences fraud from other clients, has problems with regulators or authorities? These are common realities, and have led to many companies either losing their revenue, or experiencing lengthy delays in accessing their money. b. What is the cost to withdraw your money from the processor s account to your account? Often the costs can be a percentage of the total value being transferred and you can also incur additional fees when currencies are exchanged. What is the solution? We recommend RapidPay as our preferred Payment Provider. When your customer makes payment your sales revenue is transferred to a cash management account owned and controlled by YOU. The fees have already been deducted and any foreign exchange already calculated. NO delays waiting to access YOUR money, and NO hidden fees, and your sales revenue is NEVER at risk. Is the payment solution provider sharing the profits with YOU? As your business grows you will be generating more and more transactions when your customers make purchases, and your sales people, affiliates or members receive their commissions, transfer to their debit cards or bank accounts or to other people, etc. You will be making the payment solution provider A LOT of money!!! Why shouldn t YOU be getting something for bringing them all that revenue? What is the solution? Our preferred payment solution provider, RapidPay, is one of the ONLY solution providers that shares a healthy percentage of ALL the fees generated. This revenue can become significant and potentially pay for part or all of your operational costs. The fee structures are flexible so you can design the fees in a way that suits your business model, is attractive to your customers and sales force, and maximises profitability. Page 3

4 If you paying out commissions how will you do that? While you want as many ways as possible for your customers to make payment, it is preferable to have ONE solution for paying out commissions to affiliates that provides a broad range of choices to access their earnings. It also has to be user friendly, easy to understand, and inexpensive. What is the solution? Our preferred payment solution provider, RapidPay, offers the following ways for your affiliates to receive their earnings. a. ewallet account which sits inside a highly secure banking platform. Each ewallet is like its own bank account so the funds belonging to the ewallet holder are NEVER at risk by the actions of your company or the payment processor. b. Virtual and physical plastic MasterCards or Visa cards linked to your RapidPay ewallet that allow you to access your money at ATMs or use the funds on your card at any business that accepts MasterCard or Visa. c. Withdraw from your RapidPay ewallet to your personal bank account. Because RapidPay s platform operates in the banking network the transfer from your ewallet to your personal bank account takes only hours. One significant benefit to the affiliate is that RapidPay charges a flat fee to transfer funds to your card, or bank account. On average this is $3.50 per withdrawal. In contrast MOST other providers charge a fee PLUS a percentage of the total amount transferred which can be 2.5 up to 5%. So if you withdrew $1000 you could be paying more than $25 to access your funds. Does the payment solution offer additional benefits that can influence the right behaviour by your customers creating greater loyalty and profits? Are you looking for innovative ways to influence your customers to purchase specific items, add more items to their purchase, or purchase more often? What about offering a reward points system or cash rebates linked to certain products you offer? Page 4

5 What about creating strategic relationships with suppliers or other complementary businesses where customers could receive reciprocal benefits by being loyal to these network of businesses? The RapidPay platform offers functionality where point based reward systems, cash rebates, and other incentive based systems can be implemented with the rewards and rebates occurring at the point of transaction all done automatically by RapidPay pre-programmed into the software. This opens up lots of options to drive different types of behaviour of the customers of your business that can enhance your profitability, brand loyalty, and marketing success. Have you thought about a white label solution allowing you to brand the solution? White labelling offers the option of branding the debit cards, ewallet and everything to do with the payment solution to your own name, domain, look and feel. Essentially it can appear that the payment solution is YOUR own in-house solution. It can also be a powerful way to promote your brand, and establish greater brand identity and loyalty. Below are some of the key benefits offered by RapidPay for their white label solution. Generic RapidPay e-wallet/debit card program, basic features and revenue share, basic front end website integration- cost $7,500 This is a fully functioned platform that provides everything you need to manage money in and money out. The debit cards issued to members will be branded to RapidPay but your logo could be hot pressed on to the cards to co-brand the card The upfront cost is based on the amount of customization to integrate RapidPay into your IT platform Fully customized branded e-wallet/debit card program, full website/admin integration, uncapped revenue share- cost approximately $55,000 This means that the cards, and ewallet system are all branded to your company where it appears that your company is offering its own payment solution It provides the ability to have more control over the fees that are set in relation to the ewallet system which can enhance your revenue split from fees Inclusive of all aspects in item (2) and a second currency bin- cost approximately $65,000 Page 5

6 This allows you to have more than one default currency which can reduce costs by avoiding the FX exchanges costs moving from one currency to another when transacting Inclusive of all aspects in items (2) & (3) and a full API integration with a bank of your choice with full ACH/IAT facilities- cost approximately $89,000 this allows you to CHOOSE which bank you want to use as the default bank to hold your own cash management account, etc rather than setting up an account with the partner banks RapidPay has established relationships with RapidPay would do all the work to set up the relationship with the bank, set up the API links to connect your merchant facility, and ewallet system etc to that bank It also allows you to set up ACH/IAT facilities in that country the bank operates in to facilitate easy bank transfer of funds from members to you and you to members and much more All the costs of these White Label options can be easily funded with the revenue you receive from the share of the fees generated as your customers use the RapidPay solution. Depending on the number of customers you have using the platform there is potential to recoup the costs in your first 3-6 months at worst. If you would like to arrange a time to discuss your requirements and how we can assist you please us at info@paymentsolutions2go.com and provide details of your company, contact person, your time zone, and the best contact details to reach you including , Skype and phone. For more information or to apply for a payment solution to suit your needs please go to Written For more by than Michael a decade Faust I have been involved in founding online companies, consulting, developing IT solutions for companies, and holding management positions. These businesses have stretched into more than 160 countries and had hundreds of thousands of customers. The choice of payment solution can be one of the most important factors between success and failure. RapidPay is the most comprehensive payment solution I have seen in 3 decades as an entrepreneur. The more I share RapidPay with others the more possibilities I see, and the more certain I am that no other solution comes close. Michael Faust Internet Entrepreneur Author Mentor Page 6