Below are topics we have covered during our Monday Morning Training offered by Priority Payments to any merchant, along with PCBancard pricing. For additional offerings from Priority, please visit Priority University (Password priority23!)
1/29/24: Jim Sheridan from Priority Payments has a conversation with Jason Reed about how to help merchants monetize their payables with Plastiq and CPX.
CPX gives business owners an opportunity to make money off paying their vendors. Business owners submit their list of payables. That list is ran through a VS/MC database to show which of these vendors accept credit/debit cards. A card is then issued so that said business owner can pay the vendors that do accept cards, and collect a portion of the interchange fees received by the processor. Usually a business owner should expect roughly .20% back in interchange rebates from paying their vendors.
Pay any vendor no matter how they accept payments. Plastiq allows business owners to leverage the rewards they receive from using their Business, Corporate, and Purchasing Cards along with leveraging “Early Pay Discounts” (when a vendor gives you a discount for paying within 30 days, ect). No matter whether the vendor accepts Cards, ACH’s, Wire Transfers, or Checks; the business owner will use their card and Platiq will transfer that to the vendors preferred payment method and the business owner will still claim those rewards and earn those early pay discounts. Usually this can earn a business owner roughly 7% after the Plastiq percentage to make the payment.
Board new Merchants here: https://prioritycommerce.com/plastiq/?source=priority_pcbancardllc
PassPort is a banking solution that allows business owners to receive their funds from a transaction within 5-10 minutes of accepting the transaction. Business owners have the ability to use a virtual debit card or receive a physical debit card to make payables from this account. If they elect to move the money from the PassPort account to any other bank account they choose, they can do so. Business owners can also setup “Employee PassPort Accounts” so they can pay their employees quicker and avoid paying ACH fees.