Thursday, May 16, 2013

Phone Swipe Tablet Placement Program Update

What It Is

The new Phone Swipe processing plan from North American Bancard offers a free tablet for merchants to use and lower rates than "Pay-As-You-Go" plans, or even most monthly processing plans.

A customized iPad running the updated Phone Swipe POS Solution

Who It's For

The merchant requirements for this new processing program ("Option C") are a little steeper than in  the standard Phone Swipe programs. For "Option A," which has a $14.95 monthly cost but a wide range of structures customized by the agent for each merchant, the only real minimum is that the merchant processes over $2,000 each month (and really should tend toward $2,500 and up), because that is where it becomes cost-effective. For "Option B," commonly known as the "Pay-As-You-Go" plan, there are very few requirements at all. 

In order to process with the "Option C" plan, however, merchants need to be processing over $10,000 every month and also must have a processing history to show this. At least the most recent month's statement will be required to submit to the underwriting department after the application is sent in (via a secure web form filled out by the merchant after receiving an email from the agent who is setting it up). 

What's the Catch?