The Silver Bullet to Reduce Payment Processing Costs
hyperswitch.ioI want FedNow™ to come in and destroy all payment processing forever.
It'll never happen, but I can dream.
https://www.frbservices.org/resources/fees/fednow-2023
hehe, Request for Payment (RFP) PAIN.013
surely FedNow will be a game changer but still it is 1 or 2 years away. And it will support account to account transactions. Need of credit would still be there :)
If I could just get to a payment volume of 10M ARR I would be all about this.
Just hang in there! It won't be very far away
Currently do you use multiple processors though?
why wouldn't it make sense to do it at a much small number if it saves 20% and increases conversions.
True, it kind of depends on your current payment processor configuration.
For example if you find yourself in the need of accepting too many payment methods, you'll definitely benefit from the difference in fees for each method across processors
It also depends on your business focus. If you do not have the bandwidth to think beyond your core business, you might just be well off with a single processor
This can be really a futuristic thought. I mean Processing cost is a serious pain point for merchants KUDOS!!!
Insightful on overall cost savings and increased revenue