Payments

Payment Processing

The 4thID Platform contains an extensible payment switch allowing for multiple tender types, currencies, and the routing of transactions to appropriate gateways. The switch is extensible, allowing new tender types such as popular peer-to-peer payment schemes, international payment schemes, new campus card providers, crypto-currencies, and more.

Tender Types

4thID supports a plethora of tender types, such as those listed here.  New tender types will be added as Customers require, both domestically and internationally.

  • Most major card schemes are currently supported, including Visa, Mastercard, AmericanExpress, Discover, and others
  • ACH is the preferred means of topping up stored value accounts
  • The most broadly adopted campus card providers are already integrated with our payment switch
  • Store Credit is a 4thID tender type providing credit for future purchases
  • Stored Value accounts allow for lowest possible transaction fees

Merchants choose their supported Tender Types

Merchants have the flexibility to configure the subset of 4thID supported tender types.  This allows the Merchant to control their profit margin by limiting transaction fees

  • A university may choose to accept only their branded campus card
  • Some laundromats may choose to offer low prices, but only accept Stored Value
  • Other laundromats may choose to accept credit cards, while boosting prices for all

Competitive Transaction Fees

Credit card transaction fees can be prohibitive for such low value transactions as found in the laundry industry.  A typical Stripe transaction fee of 2.9% plus $0.30 on a $1.50 wash cycle would be 22.9%.  This is prohibitive and unacceptable to any business.

  • A 4thID Stored Value transaction is just 3.25% and $0.02 per transaction
  • Campus card transactions are set between the University are card provider
  • Stored Value top-up fees are absorbed by 4thID, then recovered on a per cycle basis

Surcharges

A surcharge is sometimes added to a transaction amount to recover processing fees associated with credit and debit card transactions.  4thID allows Merchants to define surcharges as a means of recovering added fees associated with expensive tender types.

  • 4thID charges 3.25% plus $0.30 for credit card transactions
  • Merchants have the option of passing this added processing fee on to the customer.
  • Most states within the US allow for credit/debit card surcharges