The BizeeBee team has spent the last year looking for a payment processor. Yes that might seem like a long time to most, what can I say except that we try to be thoughtful about our business practices.
Here was our search criteria:
- Clear checkout process. I wanted to retain BizeeBee’s brand with businesses and their customers to build out its awareness. This pretty much ruled out PayPal and Amazon Payments. I didn’t want a consumer to have to sign up for a service in order to process a transaction because my selling point was to make it easier for businesses to get paid, not have additional drop off points.
- Security: PCI Compliance, Charge Backs, Authorization, Fraud Detection. I didn’t want nor have the funds to handle PCI compliance for doing disbursements. It would have cost BizeeBee $25k for PCI compliance + $250k underwriting bank fee + months of developer time. This ruled out using something like BrainTree even though they were the most upfront and honest about their integration and fee structure. That left us debating between PoundPay and WePay. I didn’t want to manage the transaction stream, I just wanted access to it to build business analytics on top of it.
- Simple Approval for Payment Processing. I wanted a solution where the businesses who are BizeeBee customers would get approved easily. I checked out PoundPay and Square, but Square had no open API, which made it hard to tie transaction data to the rest of their business data.
- One Flat Transaction Fee. I wanted one fee, no hidden charges (monthly statement fee, credit vs. debit vs. rewards cards fees, etc.). This pretty much ruled out any provider who touted a less than 2% fee.
- East of Integration vs Robust Technology and Policies. Yes there were a few startups out there who had guaranteed this, Stripe and FeeFighters, but I knew there would still be some issues with BizeeBee being an aggregator. I didn’t want the threat of getting shut down and having to inconvenience our merchants.
After the year long search, we’re thrilled to have partnered with PoundPay, and have released a beta version of BizeeBee Billing.
We’re not a payments company but we try to think like one.
Making money is hard, taking and giving it shouldn’t be, check out BizeeBee Billing!