PayVida co-founder Robert Ronning explains the significance of the development.
“Up until now, accepting payments via credit or debit has involved partnering with big banks, major financial institutions, or global companies like PayPal. But the problem with banks is that they charge outrageous fees that small business owners quite simply cannot afford, while PayPal takes a certain percentage of sales, which can quickly get expensive for larger businesses. There are also all sorts of hidden rates that they don’t necessarily disclose.
“Here at PayVida, we offer a “cost plus” pricing model with no hidden fees. We’re able to offer much more competitive rates, beating fixed-price competitors like Stripe, PayPal and others by one percent or more.”
The solution is also scalable, Mr. Ronning explained.
Other PayVida services include traditional, mobile and web terminals. PayVida users can accept card payments via smartphone using an Ingenico wireless card reader that synchronizes to other devices via Bluetooth. Its open API allows PayVida’s online payment processing platform to connect to hundreds of different shopping carts and e-commerce platforms.