Governmental agencies and educational institutions strive to─and are expected to−offer a convenient and fair payment experience to constituents, students, and others who have payment obligations. That is much easier and cost effective to achieve, because of recent payment processing innovations. Simply leverage Flex Rate Pricing.
What is Flex Rate Pricing?
There are two main benefits to Flex Rate Pricing. The first is that when accepting credit card or debit card payments, the organization getting paid retains 100% of its billed amount. The other great feature is that payers only pay for charges that they themselves create. For example, credit cards carry merchant fees, whereas debit cards do not. The customer or payer has a choice of what payment method to use. If they choose a credit card, the merchant fee is passed along to them. The government or education entity receiving that payment doesn’t pay it.
How it Normally Works
That’s an important distinction, because normally a flat-rate service fee is assessed, to help government agencies and educational institutions recoup some of the high cost of processing fees. But with Flex Rate Pricing consumers only pay costs they themselves choose to generate. If they pay with a low-cost method like a debit card, they are not forced to subsidize the costs created by those who decide to use a high-cost credit card form of payment. Intelligent Rate Pricing makes the whole transaction process more affordable, fair, flexible, and transparent.
How Intelligent Rate Pricing Works
This innovative pricing system is possible thanks to advanced NTC Texas payment processing technology. NTC Texas passes the fee for credit card processing along to the payer, but only for credit card transactions. If the consumer wants to avoid that surcharge, they can use another payment alternative, such as their debit card. Since the NTC Texas payment platform can accept virtually all forms of payment, this is a seamlessly convenient and consumer-friendly option.
A Fully Compliant Solution
Flex Rate is powered by patent-pending technology that automatically determines card type and calculates the exact cost of acceptance. That happens instantaneously. If payment is by credit card, the merchant fee and cost of goods or services is passed along to the payer in one simultaneous step. The result is a transparent experience today’s consumers expect, and one that is 100% compliant with credit card company rules and governmental regulations regarding this kind of surcharging. Almost every state now legally allows surcharging, so this system is a wonderful money-saving solution.
Secure, Mobile, and Easy
But it’s an entirely turnkey process, that utilizes a handy plug-in that works with the credit and debit card processing terminal. The payment platform is fully PCI-compliant and transactions are encrypted, to ensure robust security and privacy protection. Plus, payments can be accepted securely online or via any mobile device. The consumer gets what they want in a payment system, while education and government save a huge amount of revenue on every credit card transaction, by doing away with costly merchant fees.