What is IQ Pay?
IQ Pay is a cloud-based payment marketplace that accelerates payment collection and cash flow management for small to mid-size businesses.
What value does IQ Pay provide to me as a merchant or service provider?
IQ Pay gives you control of your businesses cash flow by allowing you to securely collect customer payments on your terms for smarter, faster and more secure payments.
How does it work?
Your customers create an IQ Pay account, securely entering their credit, debit or bank account information as a payment method. In order to make a payment, customers sign in to IQ Pay and enter the amount of the payment.
Alternatively, as an added convenience, you the merchant can sign in to IQ Pay, search for your customer, and charge them for services; all according to previously-agreed-to payment terms. No need to wait for payments or chase down delinquent payments again!
See how the system works yourself and take IQ Pay for a Test Drive.
What if a customer wants to pay with something other than a credit card?
With IQ Pay, your customers can use a credit card, debit card or a bank account to make payments. IQ Pay is a payment option that you can provide to your customers for added convenience and a no-hassle payment approach.
IQ Pay is easily integrated right into your online web presence, so you can give your customers added convenience of making payments with IQ Pay. IQ Pay’s “pull” technology also means that your customers don’t need to do anything in order to make a timely payment for your services. You can simply charge their card or ACH bank account when payment becomes due.
I don’t want to be responsible for my customer’s credit card numbers. Isn’t that risky?
We hear about stores and service centers being hacked by identity thieves every day – even after millions have been spent on protective measures. With IQ Pay, your customer’s sensitive payment information is locked down by a payment gateway (such as Authorize.net or USA ePay), on secure PCI-Compliant servers, so you and your customers don’t have to worry about exposure to criminals.
What is a payment gateway?
A payment gateway, such as Authorize.net or USA ePay, is a service provider that IQ Pay uses to handle payment transactions with banks and credit card processors. It also safely stores customer credit card and bank information without any risk of exposure.
IQ Pay works with various payment gateway systems, such as Authorize.net and USA ePay. Please email us to make sure your chosen payment gateway will work with IQ Pay prior to setup.
Is it necessary to set up a payment gateway account?
A payment gateway account is necessary in order to start receiving payments with IQ Pay. The process of setting up a payment gateway account is straightforward and takes only a few minutes – with the requirement that you have your merchant bank account information available at that time.
How much does IQ Pay cost?
For companies that wish to use IQ Pay to accelerate their collections, there is a one time setup fee and SaaS (software as a service) monthly charge. IQ Pay does not charge transaction-based fees. You may have additional payment gateway fees which may include a one-time setup charge and 2.7% plus 30 cents per transaction, similar to credit card merchant fees.