May 11, 2023
As of April 14, 2023, CoPower has added debit and credit card options to their Quick Pay function, allowing CoPower groups to pay with either a debit or credit card.
Originally, ACH was the only available payment option and customers had been consistently requesting for the ability to use debit or credit cards. Once CoPower partnered with a third-party processing company, it allowed us to expand the payment options. This has also made the payment process easier and more convenient while also improving the user experience.
There are also multiple benefits to allowing payment via debit or credit card. If a client is having liquidity issues, it makes it possible for them to make an emergency payment. This gives them significantly more wiggle room to maneuver when it comes to funds and regular expenses.
Additionally, clients who choose to pay with a credit card may do so to take advantage of perks, points, or cash rewards. This further incentivizes the process of using a credit card, particularly if it has plenty of bonuses.
However, the debit and credit card payment options are currently only available for existing groups. That means that it can not be used for the first premium payment. Furthermore, payment protocols for new businesses remain the same: payment must be made either by check or ACH.
Finally, the third-party processing company that is handling the debit and credit card payments charges a relatively small processing fee for credit card payments only. This processing fee does not apply to payments made with debit cards.
This is all part of CoPower’s evolution to be more convenient and easier-to-use while improving the user experience.
For more information, contact CoPower today!
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