FREQUENTLY ASKED QUESTIONS
Who is Axe Payments?
Axe Payments is a recognized leader in the credit card processing industry. As merchant advocates, we have always felt the high cost of accepting credit card payments has been unfairly placed on business owners. So when federal regulation changed, as part of the 2010 Dodd-Frank law (within the Durbin Amendment) allowing for business owners to offer a cash discount, we launched our Zero Fee, cash discount program.
Start keeping 100% of your revenue. You earned it.
Are any businesses offering a cash discount today?
Yes, an estimated 14,000 businesses and government agencies in the US are reversing their processing fees today. As consumers, we have grown accustomed to paying a service fee (or convenience charge) on credit card transactions when making a payment to:
- Government entities for vehicle registrations and other fees
- Schools for adding lunch money
- Movie theaters for buying tickets
No processing fees sounds too good to be true. What’s the catch?
Business owners are so used to forking over their hard-earned money to credit card merchant processors that the idea of Zero Processing Fees sounds like a pipe dream. It’s not. Per the 2010 Dodd-Frank Act within the Durbin Amendment, business owners possess the right to pass credit card fees up to 4% to credit card customers on all sales (only through an approved acquirer) as part of a cash discount program. Using our proprietary technology, Axe Payments adds a small fee (4%) to every customer credit card purchase.The fee covers 100% of the processing costs, leaving you a $0 balance (excluding a low monthly program fee plus any non-association fees, including charge-backs) on your monthly processing statement. You will save hundreds, or even thousands, per month making the switch.
It’s time to stop funding your customers perks, including airline flights and hotel rooms, by paying astronomical fees to accept payment for your goods and services.
Remember, only those customers who choose to pay by credit card are paying a processing fee. Cash or check (if you accept) transactions incur no additional fees.
Isn’t adding a processing fee to a transaction complex?
Not at all. The processing equipment and terminals allow for the fee to be clearly listed as a line item added to the receipt (for those customers paying by credit card).
Won’t adding processing fees to the sales price anger my customers?
Customers are already paying fees in many businesses throughout multiple industries (movie tickets, gas, education and government to name a few). Additional fees are becoming a norm and pushback is generally minimal. Our merchants are no longer setting minimum credit card purchase requirements, and many are actually seeing an increase in sales. The feedback is consistent. For the first 30-60 days 5%-10% of customers ask a question about the fee and less than 1% of customers have turned down the sale due to the fee. Remember, when the customer pays cash the fee is waived. Our business owners have reported an increase in cash sales and profits across the board.
Some our clients have actually reported an increase customer satisfaction since making the switch to Zero Processing Fees. Customers appreciate our clients’ efforts to keep prices down by offering a cash discount.
Are there no-fee options for my customers?
Yes, cash or check (if accepted). Customers paying cash (or check) will always pay the cash (or posted) price and avoid credit card processing fees.
What percent is the customer processing fee?
Customer processing fees will not exceed 4%.
4% is a higher processing fee than what I pay today – why?
The 4% service fee covers all costs and equipment, including:
- All Transaction Costs (except EBT)
- Merchant online portal access
- Fraud Protection
- Processing Platform
- Next Day Funding
- Chargeback Assistance
- 24/7/365 Customer Support
Can Axe Pay process pin debit transactions?
Yes. Axe Pay can process your pin debit transactions on the same terminal. All transactions on the Axe Pay platform are assessed the 4% fee. Should you not be interested in assessing the fee on pin debit transactions, please contact us. It is possible to bypass the 4% fee on pin debit but the associated costs will be passed on to you.
Is Zero Fee Processing legal?
Per the 2010 Dodd-Frank Act (part of the Durbin Amendment), business owners possess the right to pass processing fees, up to 4%, to customers using a credit card as payment. This national legislative statute has provided Axe Payments with the opportunity to offer Zero Charge, Zero Processing Fees. We are compliant with all Federal and State regulations as well as all Visa/Mastercard audit requirements.
Don’t get caught doing this on your own without an authorized company. The fines and fees could cost you thousands!
Will my Axe Payments processor accept all major credit cards?
Yes. You will be able to accept American Express, Visa, Mastercard, Discover, Apple Pay and Android Pay.
How long will it take to go live?
Axe Payments clients typically go live within a calendar week or less. Start by submitting our on-line application and a Fee Save Support Specialist will be in touch within one business day to help determine the best processing equipment solution for your needs and walk you through the enrollment process.
Must I disclose processing fees to customers?
Yes. Legally customers need to be made aware of the 4% fee they will be charged, if they choose to pay using their credit card. They should also be made aware of other optional, no-cost payment solutions, including, cash and check.
The idea of Zero Processing Fees is great, but what happens if it just doesn’t work for me and my customers?
We completely understand that some merchants feel compelled to pay credit card processing fees for their customers. If any point you feel the need to move back to traditional processing, simply provide us with your most recent processing statement. We will beat your current pricing and still save you money compared to the fees you are paying today, guaranteed. And you’ll always have the option to charge a convenience fee later on, if and when you feel comfortable doing so.
What exactly is the Axe Payments Guarantee?
At Axe Payments, we understand starting with a new processor can be a major decision. That is why we offer a 100% satisfaction guarantee!
Simply stated, if you are not satisfied with our Zero Processing Fees Program for any reason at any time we will not only revert your processing to standard processing, but we will also beat your current processing rates!
How can Axe guarantee my satisfaction?
Simple, we put our customers first. We use only certified processing equipment customized to your needs and if our equipment ever fails (and cannot be repaired on site), we will ship out brand new equipment, overnight!
If at any point you want to move back to traditional processing, simply provide us with your most recent processing statements. We will beat your current pricing and still save you money compared to the processing fees you’re paying today,
We also guarantee our rates! Unlike other companies that offer a “sweetheart deal” to win business only to later go up on rates, we guarantee ours forever! If your rates are not as were explained, we will pay you double the difference!
What is the difference between a Convenience Fee (Zero Fee Program) and a Surcharge?
Credit card convenience fees and surcharges are often used interchangeably, but they’re not the same thing. A surcharge is a fee charged to customers simply because they’re using a credit card. Merchant credit card agreements discourage merchants from charging surcharges on transactions. Moreover, surcharges are illegal in California, Colorado. Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas, and Puerto Rico.
While credit card issuers aren’t allowed to charge a surcharge on credit card transactions, they are allowed to offer a discount for customers who pay with cash. You may have noticed some gas stations, for example, have one price set for credit card payments and a slightly lower, discounted price for cash transactions. This practice is allowed.