SEP 2016

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Page 102 of 124 100 DAYSPA | SEPTEMBER 2016 MANAGEMENT WORKSHOP Common fees include: • Interchange Fee: paid by a payment processing company to the card-issuing bank; fees vary based on card type and the transaction size and number • Monthly Gateway Access: a monthly minimum fee charged by some processors to access their payment gateway • Application and Setup Fees: vary by company and the equipment they require • Monthly Fees: can include minimums and statement fees Many new companies are making payment process- ing more transparent and simpler to use. Below are some prime examples. Fattmerchant (, short for Fast Affordable Transaction Techn o logy, was founded in 2014 and has pioneered a new model for transaction processing, aiming to make it under- standable and affordable. The com- pany charges a monthly fee (from $69 to $99) and provides full reporting capabilities and disclosure for member merchants. Its website also offers a comparison tool for prospective clients to see how much money they might save. Upon its debut in 2009, Square ( seemed almost radical: Business owners could com- plete transactions with the simple swipe of a credit card on a mobile device! Square was one of the fi rst companies to allow businesses to accept payments via smartphones without monthly fees, and as a result it grew quickly. Square has an intuitive user interface and of- fers multiple web-based support tools for small businesses—including inventory manage- ment, business analytics and customer management. Square charges a fl at rate of 2.75%, and there's no per-transaction or monthly fee; however, business owners can end up paying more for individual transac- tions than some other processors, and they also need to use Square's processing company. ShopKeep ( is another POS option that's ideal for small businesses. The system is designed to run only on Apple's iOS platform, but for a month- ly fee of $59 per register it can handle many of the same tasks as Square. Pros include 24/7 support and your choice of payment processor. The program also utilizes a unique setup that's a hybrid of cloud and locally installed software; the app runs locally but syncs data to the cloud when there's an internet connection. If there's an internet outage, you can continue to run credit cards, and it stores them until the web connection is back up.

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