FieldServio, distribution ERP software, is proud to partner with Payroc, a global payment processing company.
Introducing RewardPay
Credit card processing fees are a significant operational expense for most industrial distribution business owners and operators, often ranking among the highest fees incurred in running operations.
While specific rankings may vary depending on the industry and individual circumstances, credit card fees are near the top alongside other major expenses such as rent, labor costs, and inventory procurement. In fact, in a survey conducted by the Electronic Transactions Association (ETA), 60% of small businesses cited credit card processing fees as their biggest financial challenge, emphasizing the substantial impact of these fees on their operations.
Many merchants simply think that this is an unavoidable cost of doing business, and for a long time, they were right. Before 2013, major credit card networks like Visa and Mastercard prohibited merchants from imposing surcharges on credit card transactions due to their interchange fee regulations. Today, not only is surcharging green-lighted, but it’s an incredibly effective way to lower payment card acceptance fees, enhance profitability, and drive business growth.
If you’re tired of bearing the burden of high payment card acceptance fees, it’s time for a new strategy. Introducing RewardPay, a fully compliant surcharge program, powered by Payroc and available through FieldServio – ERP management software.
Here’s everything you need to know and how to get started:
What is Surcharging?
Surcharging is a practice where merchants pass on the cost of credit card transactions to the cardholder, effectively eliminating or significantly reducing their payment processing fees. It’s a win-win situation where merchants can alleviate the strain of high transaction costs while customers retain the choice to pay with their preferred method.
How Does it Work?
FieldServio, distribution ERP software, offers RewardPay, powered by Payroc to seamlessly integrate surcharging into your payment processing system. It automatically adds a small fee to credit card transactions, offsetting the cost of card acceptance. This fee is transparently displayed to the customer before they finalize their purchase, ensuring compliance and fairness.
Compliance Considerations
When implementing surcharging, compliance is important. RewardPay, powered by Payroc, ensures full compliance with card brand rules and regulations. Our solution takes care of all the intricate details, so you can focus on running your industrial distribution business with peace of mind. Included in FieldServio’s ERP management software is an embedded payment solution to help make the process even smoother.
What are the Benefits to Businesses that Use Distribution ERP Software?
The benefits of surcharging when you use a distribution ERP software like FieldServio are immense:
- Significant Cost Savings: On average, FieldServio customers lower their payment card acceptance fees by 70%+ when implementing surcharging. Imagine the impact this could have on your bottom line.
- Reinvestment Opportunities: The savings from payment card fees can be reinvested into your business to accelerate growth. Whether it’s expanding your product line, enhancing customer experiences, or improving operational efficiency, surcharging frees up capital for strategic investments.
- Fairness and Transparency: Surcharging ensures fairness in payment processing. By passing on the cost to cardholders who choose to pay with credit cards, you maintain profitability without sacrificing customer satisfaction.
Who is Payroc?
To deliver a complete business software fit for industrial distributors, collaboration with specialized experts is important. That’s why we’ve partnered with Payroc, an award-winning integrated payments leader. Payroc seamlessly embeds payments into FieldServio – ERP management software, streamlining billing and payment collection processes for your distribution business and the customers you serve.
With Payroc, all billing and payment activities are centralized within your FieldServio distribution erp software, eliminating the need to work between systems. This simplifies reporting and reconciliation by removing inefficient processes. Customers can easily make payments online using their preferred payment method.
Take Action Today!
FieldServio is an erp management software specifically made for industrial distributors in industries like material-handling, air compressors, boilers, power generators, and more. With our complete business software, you have everything you need to manage your business in one system.
Ready to unlock the full potential of surcharging with RewardPay? Contact our team at FieldServio to enroll for surcharging and start maximizing your profits.
