Pymt, a Birmingham, Alabama-based point-of-sale (POS) platform, is removing fees to help small- to medium-sized businesses (SMBs) more readily attain its services amid the pandemic, according to a press release.
All monthly fees have been removed, the release stated.
Pymt, according to the release, offers merchants ideas, fast implementation and customer service. The company offers two plans, and both only charge merchants when they accept a credit or debit payment.
The Pymt Simple Plan is 2.4 percent plus 10 cents for every successful swipe, dip or tap, and 3.25 percent plus 10 cents for online or keyed sales, the release stated. With the Pymt Cash Discounts program, merchants can set the prices they want to be paid for the item or service, after which time Pymt will adjust it to cover cost processing instantly. Cash customers get a discount of 4 percent.
Pymt, built by a former Apple employee and medical software engineers, focuses on simplicity and accuracy, the release noted.
Pymt has also introduced a new in-app onboarding process, which the release stated will make merchant accounts simpler to attain and faster to get up and running, including with underwriting approvals.
Pymt said in the release that it is “poised to continue helping small businesses accept payments and track inventory faster than ever.”
The payments ecosystem has suffered shocks like almost every industry due to the pandemic. Some processors, including Square and PayPal, have held back merchant payouts as they wait for days or weeks to deposit the money.
The point of the strategy is to help insulate the processors against the impact of refunds, as Square said it is holding back as much as 30 percent of some firms’ transactions, although the company said this only impacted around 0.3 percent of sellers.
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