JetPay is a global top-ten credit card processor. We stand out because we’re faster, more secure and more competitive. This is why.
The deal with JetPay is that we’re authorised by the FCA in the UK. We do full end-to-end processing – and the acquiring. With JetPay, there are no third-party gateways, ISOs or additional processors. Which means fewer points of failure, fewer fees. More profits.
So how does Authorisation normally work?
When a customer pays, the Merchant needs the card’s Issuing Bank to authorise it. So, the Merchant’s terminal sends out a request. With many processors, it goes via a Gateway, which applies security features. They send it on to the Merchant’s Acquiring Bank. Many of which send it on to a separate processor. The Processor forwards it to the Scheme Networks who ask the Cardholder’s Issuing Bank to approve payment. The authorisation then goes back down the chain to the Gateway, which finally sends it to the Merchant.
So how is JetPay better?
The most obvious benefit is that there are no third-party gateways… no additional processors. Just the four key players. The Merchant. Their request goes straight to JetPay. Our Authorisation Network formats the Transaction and sends it to the Scheme Networks, who get authorisation from the Cardholder’s Issuing Bank. This relays straight back through to JetPay to the Merchant. It’s fast, simple, reliable and secure – with no third-party fees or points of failure.
Speaking of fees, what happens at Settlement?
With most credit card processors, the Merchant batches each day’s transactions and sends them along the same chain, including the Gateway and Processor, to the Issuing Bank. The Issuing Bank sends payment, minus the Interchange Fees, to the Scheme Networks. The Scheme Networks send payment, minus the Processing Fees, to the Processor or Merchant Bank. Finally, the Merchant Bank puts the remaining payment in the Merchant’s account. And of course, the third-party Gateway and Processor took a cut of those fees as well.
With JetPay, Settlement is faster and of better value because there are fewer parties – and fewer fees.
Rather than making the Merchant send batch payments at the end of the day, JetPay sends transaction data to its Merchant and Authorisation system as soon as a customer’s transaction is authorised. The JetPay Authorisation System forwards a settlement file to the Scheme Networks. The Schemes then wire funds into JetPay’s Settlement Account. Finally, JetPay puts the funds in the Merchant’s account, minus fees.
These fees are agreed by negotiation, but Merchants are almost always better off with JetPay because there are no third party fees to pay – and if you’re a major business, those savings really add to your bottom line.
JetPay is different. Not just because we cut out the middlemen. We’re a global player for global sellers who need multi-currency transactions. We’re more secure, with unique tokenisation products. And we’re faster and more flexible because we work in XML based technologies. So we can master the issues you face and deliver solutions that make you more competitive.
If you want to talk value with us, please visit jetpay.co.uk.