The Star Tribune of Minneapolis trusts the team at Payway® to provide a reliable, cost-effective payment gateway. According to Jean Mersch, Controller, the Star Tribune has come to rely on Payway’s advanced knowledge of payment processing to help it realize significant savings and efficiencies. Ms. Mersch states, “Pricing is just one component of how Payway saves us money. While their fees are significantly lower than other providers, their automated Level 3 credit card processing reduces our interchange fees in a way we couldn’t have imagined.”
ADVANCED PAYMENT PROCESSING
Payway is one of the few payment gateways that can autodetect if a payment is made with a procurement or corporate charge card, enabling the networks to identify which transactions qualify for lower interchange rates. Interchange is the amount charged by Visa® and Mastercard® for processing a transaction. Many factors are used to determine it, including card type and amount of the transaction.
HELPING CUSTOMERS SAVE
We performed an analysis of the newspaper’s transactional data to see what impact Level 3 processing would have on interchange fees. A three-month sample revealed that of the nearly 3,000 transactions processed, 4.6% qualified for Level III reductions, which translates to an incredible 60% savings on qualified transactions.
DISCOVER THE PAYWAY WAY
For more than 30 years, Payway has been providing its customers user-friendly payment processing solutions built specifically for the needs of businesses who operate a recurring payment model.