Lucey Technology offers amazing rate of 1.24 percent to process online card payments

Published 9th December 2009

Low rate helps companies of all sizes compete by making online payments viable

By utilising the combined bargaining power of its customers, Lucey Technology - an expert in online customer engagement and collaboration solutions - has agreed an amazing rate of 1.24pc to process credit-card transactions. This is less than half the cost of the main incumbents in the marketplace.

For any business small or large, the benefits of getting paid online are a no-brainer. It improves cash flow, reduces the time spent chasing payment and eliminates clerical errors. The problem is that it can be hard to set up with banks, difficult to integrate with existing IT infrastructure and costly in terms of fees.

Until now that is. Lucey’s online payment service provides a simple tool to process payments from customers and manage debtors – simply, securely and in a way that suits businesses. Key features include:

- The lowest rates for processing payments on the internet
- Flexible and sophisticated for all requirements
- Get paid online to improve cash flow and create administration efficiencies
- Securely collect credit card details at the point of sign-up

Flexibility is the system’s key feature - it can be as simple or as sophisticated as is necessary. It can cater for those that simply want to issue an invoice and seek payment. Equally, if something more tailored is needed, Lucey’s payment scheduling tool provides dozens of options. For example it is possible to offer a 5 percent discount for payment within 14 days or a 30 percent deposit now and six monthly payments as needed. An organisation can also choose the options that suits its business and then its clients decide how they wish to pay.

Online payment is not just about collecting payment retrospectively. Lucey’s technology allows users to build in payments as a step in the sales process which makes collecting money much easier. Now, credit card details can be securely collected at point of sign-up and payments automatically processed upon product or service delivery.

“We know how costly online payment processing can be, which is why we have negotiated some of the lowest rates for processing payments on the internet,” said Ian Lucey, CEO of Lucey Technology. “Security is a top priority. Neither our customers nor Lucey hold clients’ credit card details. These are stored by the payment processor, ensuring peace of mind for all parties involved in transactions.”

Traditionally a business had two choices for processing payments online:

- Go to PayPal or a similar online processor and pay anywhere from 2.5 to 5 percent commission, or
- Talk to a bank’s merchant service provider, which will charge a rate based on the level of online turnover and the risk of default.

This has meant that big companies with a large turnover pay the smallest commission rates while small businesses pay more.

“At Lucey we didn’t think this was fair so we went to the world’s largest financial institutions and negotiated a combined discounted rate for all of our subscribers, large and small. So now smaller businesses can benefit from the same great rates a multinational would. Plus, the more customers using our payment-processing system, the lower the rate will go. We don’t take any commission or a transaction fee. All we charge is a set monthly fee for the online payment facility.”