With CardX, Paychex Client Businesses Accept Credit Cards at 0% Cost

CHICAGO, June 22, 2016 /PRNewswire/ -- CardX, a technology provider of card acceptance solutions, today announced a strategic partnership with Paychex, Inc., a leading provider of integrated human capital management solutions for small- to medium-sized businesses. This partnership will allow Paychex to offer its client base a fully compliant solution with a 0% effective rate for credit card acceptance.

New rules, per settlements with the card brands, allow businesses to pass on the cost of processing credit card payments. However, the rules are complex, and many products offering 0% merchant costs fall short of compliance—leaving businesses open to potential fines and penalties.

Through this partnership, Paychex will offer its clients Zero-Cost Credit, a solution that keeps businesses compliant with the new rules, including (among others) the requirement that businesses must not apply a fee to debit cards.

Zero-Cost Credit works by applying a fee whenever a customer chooses a credit card. The business collects the credit card fee from the customer, and that fee covers the entire cost of credit card acceptance, dollar-for-dollar.

For the first time, then, businesses for which the cost of processing credit cards is prohibitive can offer their customers the convenience of credit card acceptance. And, when a debit card is presented, Zero-Cost Credit automatically applies no fee, providing customers the option to pay with debit at no additional cost to them.

Jonathan Razi, President at CardX, said, "We're proud that Paychex has selected a CardX solution for the businesses that Paychex serves. It's a great match: Paychex has strong marketplace recognition for compliance, and Zero-Cost Credit is the first solution that is 100% compliant with the new rules. Full compliance is as much a part of the value proposition as giving businesses a 0% effective rate for credit card acceptance."

"We are pleased to offer Zero-Cost Credit from CardX to our payments processing clients. This product will enable many businesses to offer the convenience of credit cards to their customers," said Paychex vice president of marketing Andy Childs. "Offering entrepreneurs the solutions and tools they need to put them on a path towards success is paramount to our vision as a company, and partnerships such as this with CardX are a reflection of that."

About CardX
CardX provides zero-cost card acceptance to institutions and businesses. The first solution to fully comply with the new rules, CardX reduces transaction costs by creating incentives for consumers to make lower-cost payment choices. Founded in 2013, CardX operates out of corporate headquarters located in Chicago, IL. For more information, please visit www.CardX.com.

Contact Information:

CardX
Brian Price
Executive Vice-President, Sales Partners
[email protected] 
(312) 444-0419

About Paychex
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 40 years of industry expertise, Paychex serves approximately 590,000 payroll clients across 100 locations and pays one out of every 15 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.

Contact Information:

Paychex
Tracy Volkmann
Public Relations Program Manager
[email protected] 
(585) 387-6705
@PaychexNews

SOURCE CardX

Related Links

http://www.cardx.com