SurchX,
the leading payment gateway and processor-agnostic software that enables
on-line merchants to surcharge, today announced the launch of SurchX
for Magento, a fully integrated credit card processing fee
recovery extension available for both Magento Commerce
1 and 2
users. Using SurchX, Magento merchants can now easily and securely
recover credit card processing fees by passing a transaction fee at
checkout.
SurchX automatically calculates surcharges and fee structures based on
card type and jurisdiction. During checkout, SurchX instantly identifies
the payment card in use, what the fee on that card is, and how much the
merchant can legally pass on to recoup that fee loss. The fee is then
added to the customer’s total purchase price and disclosed as a
transaction fee.
With climbing fees averaging over 3% per transaction on popular rewards
cards and an increasing number of credit card options for consumers,
Card Not Present (CNP) merchants are often forced to choose between
customer experience and profit. The SurchX plug-in for Magento gives
control back to millions of U.S. e-commerce merchants, enabling them to
lower their cost per transaction without impacting conversion rates,
sacrificing service, or falling out of compliance.
For businesses with tight margins, savings from SurchX can amount to as
much as 30% of a merchant’s net profit. Prior to SurchX, there was no
way for brands to recover losses from credit card processing fees and be
assured of compliance with the 60-plus jurisdictions that govern
surcharging in the United States.
“Our promise is to take the compliance risk out of surcharging” said
Robert Maynard, founder of SurchX. “Our positive reception from SMB and
mid-market merchants combined with Magento’s community makes this a
natural integration environment for us. We’re proud to bring the power
of SurchX to Magento users, helping them turn customer interactions into
opportunities to improve margins.”
Magento customers and their Software Integration Partners can download
and install the SurchX extension in the Magento Marketplace.
For more information about SurchX, visit: www.surchx.com.
About SurchX
SurchX is changing the profit game for retailers in the United States.
Powered by patent-pending technology, the company’s free software uses a
sophisticated algorithm to empower merchants to recover losses from
interchange fees and boost their bottom lines. SurchX identifies card
type, associated fees, and jurisdiction rules and adds the transaction
cost to the customer’s invoice in a matter of seconds. All transactions
are secure, and compliance with state and federal regulations is
guaranteed.
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