At GOLDPoint Systems we are constantly looking for new ways to improve our client’s experience. We know that as a lender, one of your biggest struggles is receiving regular payments and we’ve realized that the best way to keep your customers making consistent payments is by offering them an electronic payment method.
Unfortunately, credit card fees are expensive and since lenders aren’t allowed to charge their customers extra to cover these fees, these electronic payments can end up losing you more money than it’s worth.
In fact, our clients are losing thousands of dollars every month to credit card fees. So we created the Convenience Fee Model, a solution that can save our clients an average of 1.2 million dollars a year (based on an average 3% credit card fee.)
What is the Convenience Fee Model?
The Convenience Fee Model allows you to make as much money as possible on every transaction. Since lenders aren’t allowed to charge their customers extra to cover credit card fees, they end up losing several dollars on every transaction. This adds up quickly when the majority- or even just a few-of your customers are paying electronically.
So we’ve created a product that does it for you. The Convenience Fee Model charges the credit card fees to the customer, meaning you no longer have to pay the fee.
For those of you who aren’t currently accepting electronic payments, the Convenience Fee Model will not only help your business but it will also help your customers. Studies have shown that people tend to be more likely and more willing to pay a small convenience fee for using a credit card because the convenience of being able to use that card is greater to them than the fee they are paying.
The Convenience Fee Model will be rolled out to clients this year. Not only will this new product save millions, but GOLDPoint is providing it for free. Our customer service representatives are ready to help discuss how the Convenience Fee Model can benefit your business, reach out to them and start making electronic payments just as convenient for you as they are for your customers.