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NewProduct

Company: SurchX
Product: SurchX
Website: www.surchx.com
Contact: francine@surchx.com

Compliant, processor-agnostic

surcharging for ecommerce

urchX, a payment gateway and processor-agnos- Most consumers see surcharging as an immaterial expense
tic software provider, launched a suite of ecom- and cost of doing business, similar to sales tax, he noted.
merce solutions designed to facilitate credit card
S surcharging in the ecommerce marketplace. The program provides significant benefits to merchants,
Maynard mentioned. Credit card processing fees have been
An open API simplifies integrating and implementing the tightening margins and forcing some merchants to choose
cloud-based software and shopping cart plug-ins, which between new hires or layoffs, or lower versus higher pricing
can significantly impact merchant and ISO partner profits. to cover costs.
These solutions can add a 20 to 30 percent margin to a
merchant's out-of-pocket expenses, according to SurchX According to Maynard, the program is simple to implement
founder and CEO Robert Maynard. using an open API. It usually takes two to three hours to
integrate and several days to test. Participants must also
"Before SurchX, there was no way for retailers to recover provide a 30-day notice to card brands, using registration
credit card processing fees and be assured of compliance forms on their websites, he added.
with the 60-plus jurisdictions that govern surcharging in Magento shopping cart plug-in
the United States," Maynard said. "And yet, jurisdictional
filtering is the most trivial thing that we do. Our ability A SurchX extension that Magento users and software
to calculate processing fees in real time enables millions integration partners can download and install is available
of ecommerce merchants to lower costs without impacting on the Magento Marketplace. The fully integrated extension
conversion rates, sacrificing service or falling out of automatically
compliance."
calculates surcharges and fee structures, based on card
Noting the technology took years to develop, Maynard type and jurisdiction at checkout, and adds a transaction
saw a giant need for a surcharging solution for ecommerce fee to the customer's total purchase price as a separate line
merchants, who typically don't know the cost of a item on the final invoice.
transaction until settlement but are required to disclose
pricing before customers press a buy button. Soaring credit card interchange rates have made it difficult
to compete in the global online marketplace, Maynard
"The final invoice page has to be disclosed, and that's the said. Card-not-present merchants can put their savings
hardest part: there's no Rosetta Stone to back track pricing from the SurchX program to productive use, for example,
in an interchange-plus environment," he said. "We worked improving search engine rankings to competing against
with dozens of ISO partners to perfect our solutions and giant ecommerce brands.
revenue share models for referral partners and resellers."
Flexible, scalable "Our promise is to take the compliance risk out of
surcharging," he said. "We've had a positive reception
Maynard's commitment to partnering with ISOs informed from small and mid-market merchants and are proud to
the company's design of an "infrastructure-agnostic" help them turn customer interactions into opportunities to
program devised to rapidly scale. SurchX handles 1 billion improve margins."
transactions per day while providing full transparency to
consumers, who see a transaction fee surcharge as a line
item at checkout.

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