People, by nature, are borrowers. We all work diligently, of course, to buy what we need and to grow our businesses, but we also borrow. We borrow a cup of sugar when baking a cake. We borrow a neighbor’s truck to haul lumber. Heck, even the English language borrows words left and right. In fact, there’s a key Latin word that has come to affect us all: Credo. It means “what you believe or trust.” The reason it’s important, though, is that it’s the root for another critical word: Credit. By definition, Credit is the reputation of solvency and honesty, entitling someone to be trusted in buying or borrowing. There’s that word again. But it’s true, we live in a world of credit. And retail fuel marketers and station owners understand the importance of aligning with providers they can trust. That’s why the Spirit® Brand has maintained a long-term association with one of the most competitive payment processors in the business – Worldpay.
A prominent Merchant Services and Payment Processing provider, Worldpay has more than 400,000 businesses around the world that utilize its services, including department stores, restaurants, banking institutions, ecommerce sites, and – naturally – retail fuel stations. As a result of their superior track record, Spirit® has renewed its contract with Worldpay for another five years. Why have they been our exclusive partner for so long when it comes to credit card offerings? It’s no mystery. It comes down to two reasons: Price and Trust.
That, of course, prompts the next question: “How does pricing work?” Well, when a customer uses a credit card or debit card the merchant pays a fee. This is called an Interchange Fee. It covers the risk of fraud for a transaction, as well as handling costs for delivering the payment to the bank issuer and then, eventually, to the merchant’s account. A typical interchange rate is 1.7% – 2%, with rates varying for a multitude of reasons, including the type of card, transaction method, even the type of business. Often the formula can seem arbitrary, but you’re at the mercy of the provider. The main take-away is that after thousands and thousands of transactions the costs can really add up.
What’s more, interchange fees are the largest portion of your processing costs. They’re also mandatory as they’re set by the credit card networks. If you try and cut corners, some low-cost processing providers will slip in hidden fees that mislead the merchant, so you get what you pay for. The ins-and-outs of the process can be very confusing, leading to frustration when maneuvering through it. And now, all indications are that the cost of processing transactions and maintaining a merchant account will increase. In the long run, as profits are squeezed, it can drive you mad.
Worldpay, though, is different. First off, they have no set-up fees, providing savings for your bottom line from the get-go. Secondly, Worldpay sets itself apart from its competitors by having modest transaction fees, routinely lower than most other providers. The processing costs are custom quoted for each business owner, determined by the volume of transactions, but one helpful thing Spirit® can do for merchants is provide a comparison of what they are currently paying and what Worldpay would charge instead. The stark difference is Worldpay’s chief selling point. Regardless of the fee, though, our deal through Worldpay is only $0.029 per transaction on top of it. That’s all. In short, Spirit® charges no statement fees, no support fees, or any other hidden costs that other services may tack on. Lastly, business owners praise Worldpay’s top-notch customer service, enabling a streamlined interaction that makes payment processing faster, easier, and more secure.
What it all boils down to, though, is that this is a complicated process that many marketers and station owners don’t fully understand. We hear you. It can make you crazy. However, it’s probably their highest expense after payroll. In some cases, it is the highest. Simply put, every business owner wants the same thing: for the critical action of payment processing to go as smoothly, safely – and inexpensively – as possible. So, it’s always a smart move to partner with vendors and providers you can trust. For multiple years now, Spirit® has been doing just that by partnering with Worldpay – and it’s made a world of difference.
At the Spirit® Brand, we understand how confusing and frustrating the world of payment processing can be. Contact us at [email protected] or
509-203-7357 and let us provide you with the information you need to maneuver through that process affordably and securely.