Electronic Payments takes action to support merchants nationwide by reducing business expenses and providing quick, cost-effective access to capital during time of need.
Calverton, New York – March 17, 2020 – Leading innovator in payments and point of sale technology, Electronic Payments, today announced they will temporarily suspend monthly TableTurn® and Exatouch® Point of Sale support costs and their related AppMarket fees to assist the most vulnerable business sector in the United States economy, small and medium-sized businesses (SMBs), during the coronavirus pandemic. The three-month billing suspension from March through May 2020 will help to alleviate the potential economic impact facing merchants due to COVID-19, including a decrease in sales and workforce capacity, facility remediation and clean-up costs, and unforeseen business closure.
SMBs are the nation’s largest employer and have the greatest impact on their communities, and they are oftentimes family owned and operated. According to the U.S. Bureau of Labor Statistics, there are more than 30 Million SMBs employing more than 59 Million people. Many of these merchants use point of sale solutions, such as TableTurn and Exatouch, to manage business operations. By waiving standard support and AppMarket costs, Electronic Payments provides savings that empower merchants to respond more readily to market fluctuations, additional business expenditures, and potential cash flow reductions over the coming months.
Electronic Payments is also suspending wireless access fees for the same time period to benefit businesses that require remote payment processing. These merchants may not have access to WiFi connectivity due to the mobile nature of their businesses, such as restaurants that offer delivery or curbside pickup, taxi drivers, contractors, etc.
Additionally, Electronic Payments is working with their various lending partners to streamline merchant access to capital, reduce lending and cash advance fees, and eliminate any commissions that the company may receive from these lending efforts. This ensures that SMBs obtain essential capital and cash flow at the best price on the market, and reaffirms that Electronic Payments is not capitalizing on the novel coronavirus pandemic.
“Electronic Payments processes in excess of $13 Billion in annual volume, more than $1 Billion each month for our core clients, SMBs all across the country,” said Michael Nardy, Electronic Payments Founder and CEO. “While we have business continuity and contingency plans in place for our staff, we are also thinking about our clients who are the lifeblood of our company and contribute to our success. Their business, literally, is our business. While merchants will still pay normal processing charges, other reductions in the cost of doing business will help. If we can all take small steps to reduce the burdens on obtaining capital or waive certain fees and charges during this unprecedented experience, our entire economy will be better for it and SMBs can thrive once this crisis passes.”
Other merchant cost reductions include the shipping and handling of terminal replacements and paper supplies. Every month, Electronic Payments ships thousands of packages from their warehouse in Calverton, New York. If a merchant experiences a broken terminal or depletes their inventory of receipt paper, Electronic Payments will ship supplies directly to the merchant at no additional shipping cost, guaranteeing merchants business continuity without extra charges.
To learn more about Electronic Payments’ merchant services programs, products, and services, visit www.electronicpayments.com.
VP of Marketing Communications
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About Electronic Payments
Continuously innovating with new technologies, Electronic Payments has distinguished itself as one of the most highly regarded payment and transaction processing companies in the United States. Electronic Payments currently serves businesses in all types of industries and acquires new merchants through a network of POS value-added resellers (VARS), agent banks, sales agents, and independent sales offices (ISOs). Visit www.electronicpayments.com for more information.