On-the-spot payment options from Moneris

  Winter 2016
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 In our spring issue we discussed various remote payment devices available for today’s tech-savvy entrepreneurs. These two devices from Moneris are additional options in the same vein.
The Moneris Payd device is similar to SquareUp’s Square: it plugs into your smart phone, the customer’s credit card is swiped through, and payment and e-mail receipt options are managed on the screen of your smart phone. The Payd device accepts up to three credit cards (MasterCard, Visa and American Express) but does not accept bank debit cards. There is no monthly fee to use the Payd device, but a 2.65% per-transaction fee is charged.

The Payd Pro device is about the size of a smart phone. In addition to accepting the three credit cards, the Payd Pro also processes bank debit cards and includes the e-mail receipt generating option.

Fees are $20 per month plus the 2.65% credit card transaction fee, but there is no charge for Interac debit transactions. The monthly fee is lower if the vendor chooses the “insert card” payment option rather than manually punching in the card number. Because the insert function uses chip technology the customer does not have to sign for the purchase. The Payd Pro connects by Bluetooth to your cell phone so you can e-mail or text the purchase receipt to the customer, and the Payd Pro app on your cell phone offers a report function that allows the vendor to confirm transactions occurred.

One satisfied user we spoke to reports that the Payd Pro device has allowed her to really expand product sales at shows. At the last show she attended, she estimated her minimum daily sales total at $2,500, with approximately a 50/50 split of cash and debit/credit sales. Without the e-payment option she estimates she would have lost about 25% of her total daily sales.

For more information, or to register for either device, visit www.getpayd.com.

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For more information about the content of this document, contact Eileen Kotowich.
This information published to the web on November 30, 2015.