PHOENIX--(BUSINESS WIRE)--SurchX, the leading payment gateway and processor-agnostic software that enables on-line merchants to surcharge, today announced the launch of SurchX for Magento, a fully integrated credit card processing fee recovery extension available for both Magento Commerce 1 and 2 users. Using SurchX, Magento merchants can now easily and securely recover credit card processing fees by passing a transaction fee at checkout.
SurchX automatically calculates surcharges and fee structures based on card type and jurisdiction. During checkout, SurchX instantly identifies the payment card in use, what the fee on that card is, and how much the merchant can legally pass on to recoup that fee loss. The fee is then added to the customer's total purchase price and disclosed as a transaction fee.
With climbing fees averaging over 3% per transaction on popular rewards cards and an increasing number of credit card options for consumers, Card Not Present (CNP) merchants are often forced to choose between customer experience and profit. The SurchX plug-in for Magento gives control back to millions of U.S. e-commerce merchants, enabling them to lower their cost per transaction without impacting conversion rates, sacrificing service, or falling out of compliance.
For businesses with tight margins, savings from SurchX can amount to as much as 30% of a merchant’s net profit. Prior to SurchX, there was no way for brands to recover losses from credit card processing fees and be assured of compliance with the 60-plus jurisdictions that govern surcharging in the United States.
“Our promise is to take the compliance risk out of surcharging” said Robert Maynard, founder of SurchX. “Our positive reception from SMB and mid-market merchants combined with Magento’s community makes this a natural integration environment for us. We’re proud to bring the power of SurchX to Magento users, helping them turn customer interactions into opportunities to improve margins.”
Magento customers and their Software Integration Partners can download and install the SurchX extension in the Magento Marketplace.
For more information about SurchX, visit: www.surchx.com.
SurchX is changing the profit game for retailers in the United States. Powered by patent-pending technology, the company’s free software uses a sophisticated algorithm to empower merchants to recover losses from interchange fees and boost their bottom lines. SurchX identifies card type, associated fees, and jurisdiction rules and adds the transaction cost to the customer’s invoice in a matter of seconds. All transactions are secure, and compliance with state and federal regulations is guaranteed.