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Today in this video I want to speak more specifically to software developers and app developers about a specific challenge when you’re trying to integrate payment processing with your software. Some softwares charge a license fee to their clients and some of them charge a transaction fee or a combination of both.
Supposed you are developing an app for a parking garage as an example. The app will allow the customer to enter the garage with an app and pay for the parking via the app. Suppose you want to charge a small convenience fee to the customer instead of a monthly license fee for the merchant. Say the parking ticket is a $100 and the transaction fee is $3 for using the app. So, if the total collection of payment is $103, how do you, the app developer, split the collection of $100 for the merchant and the $3 convenience fee for you? How do you slip the payment processing fee on both of you proportionately?
This is new technology, not all processors have this ability. We do at Electronic Money Company. We can make it seamless. $100 goes to the parking garage, the $3 goes to you, the app developer, and the merchant services fees are also proportionately divided. One advantage of integrating payments with your software is to allow one-stop shopping and one-stop servicing for your merchants purchasing your app. Another advantage is that the credit card processor should be sharing the residual income from the payment processing with you. Electronic Money Company does have that option for you.
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Check out our great report called 5 Mistakes To Avoid When Choosing A Credit Card Processor. Great for merchants to take a look at, also great for you developers.
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