Unlimited merchant accounts
If you trade internationally we can set up multiple merchant accounts in countries where you trade so you are not penalised by high cross border transaction fees.
Option of back-up merchant account for greater uptime
Unique to SoEasyPay is that, whereas none of our competitors can handle more than one merchant account per system, we offer you the option of having multiple merchant accounts. This innovation delivers several key benefits, one of which is providing a back up – and seamless business continuity – when your main merchant account goes down.
Why is it needed?: This is important because while some payment gateways (including the SoEasyPay gateway) are extremely reliable and run 24/7, unfortunately the bank systems into which they are linked (and the associated merchant account) are less so. For example, UK bank systems are down on average for a total of 42 minutes a week*, typically for short periods of 5s-10s at a time (in countries like Germany and Denmark bank systems are down much more). This is unlikely to impact an SME with a low number of weekly transactions, but will affect profits if a business has a high volume of card transactions. For example, if the 5s of downtime occurs during a business’ peak sales period (one of our larger clients does 10 sales a second at their busiest time), even that will damage revenue. And the UK average weekly downtime of 42 mins adds up to over 36 hours a year, which for a company with a high volume of transactions can result in a considerable amount of lost business.
How it works: SoEasyPay has developed technology that tests the connection between our payment gateway and the bank system 1000 times per second. The instant a ‘ping’ comes back saying the connection is not working, all the client’s card transactions are automatically rerouted to a back-up merchant account linked to a different bank (possible thanks to our relationships with 30+ acquiring banks rather than being tied into just one). The result is downtime is avoided, our client’s transactions can still be processed and they do not lose any revenue.
Special offer: FREE back up merchant account for redundancy
We have a special offer for corporate and enterprise clients switching to SoEasyPay payment services who wish to keep their existing merchant account. We will set you up with a free back up merchant account, so whenever your existing bank system goes down your transactions can continue to be processed with another bank and you do not lose any business.
International trading - avoid being penalised by cross border fees
SoEasyPay is unique in being able to offer our clients the option of multiple merchant accounts instead of just one. This means we can set you up with merchant accounts in countries where you trade, then route your card transactions to the most appropriate merchant account, according to where they will avoid cross border fees and get the lowest rate. For companies that trade internationally with a high turnover this can result in massive savings – with an average saving of 50% on transaction fees.
Why is it needed?: If, for example, a UK company with a UK merchant bank account does a lot of online business in the US, they have to pay hefty cross border fees on US cards so it is very expensive to get payment from their US customers. Typically the costs of processing a US card through a UK merchant bank will be double or even more of the cost of processing a UK card which benefits from the much lower domestic rates.
How it works: Whereas many other payment processing companies and banks provide you with one single merchant account for all your transactions worldwide, SoEasyPay is able to set you up with a merchant bank account in the countries where you do a lot of online business. Our system will then route each card transaction to the most appropriate merchant account so you avoid being penalised by high cross border fees and benefit from low domestic rates on that transaction. .
How much could your company save on international online card transactions?: Download this pdf to compare the savings you could enjoy in different worldwide regions from routing card transactions to a local merchant account.
Avoid missing transactions which one bank may decline but another might accept
SoEasyPay is currently unique in offering our clients the option of having multiple merchant accounts rather than just one.
Card transactions are frequently declined by a bank ‘out of the blue’, even though the cardholder has sufficient funds. Multiple merchant accounts means that when a transaction is declined we can automatically reroute the transaction to an alternative merchant account with a different bank, where there is chance it may be accepted. So you minimise the number of transactions that do not go through. For high volume transaction businesses this alone can save £1000s a month.
Spreading risk between banks
SoEasyPay is one fo the few offering clients the option of having multiple merchant accounts instead of just one.
One concern with just having one merchant bank account is that if any problems arise with that bank, and, say, it freezes your assets, all your funds are tied up with that one bank. By having more than one merchant account, as SoEasyPay enables you to do, you can spread the risk and you can have a back up – which can be particularly important for companies with high volumes of sales.
To discuss if our multiple merchant account option would be appropriate for your business please call us or email [email protected]