A local coworking space called Workuity partners with Paymentsmith for their payment processing needs as they continue to expand their facilities across the greater Phoenix metro area. After a year of processing with Paymentsmith, Workuity owner Dan Kite sits down with us to talk about why Paymentsmith is their preferred B2B payment provider.
Workuity is one of several popular professional co-working spaces. It offers extraordinary facilities that combine the flexibility, community, and the sophistication that small businesses, entrepreneurs, and start-ups demand in an office space. Workuity provides a variety of amenities including conference rooms, offices of variant sizes, a full kitchen, beer on tap, coffee, snacks and weekly networking and learning events for the tenants to enjoy.
The relationship between Paymentsmith and Workuity came to fruition when Paymentsmith started their business inside the Workuity Biltmore walls.
“It was a fantastic place for us. Not only did the space give us a more refined look right off the bat, but we were able to network and connect with so many other professionals and business owners that have created lasting relationships. It’s kind of an ‘all in this together’ vibe that is in Workuity – it really made such an impact on our business and I believe it is a partial contributor to our continued success.” -John Norton, Owner of Paymentsmith
When the conversation of payments came up with Workuity, there was a lot they wanted to improve upon with their previous provider. They ended up switching to Paymentsmith primarily because of price. Workuity, being a B2B business, was able to take full advantage of Paymentsmith’s interchange optimization program, saving them a large sum of money every year.
What is interchange? Interchange is a fee that is paid or collected by the card-issuing banks that provide Visa, MasterCard, Discover and American Express cards. These cards are commonly consumer credit and debit cards, but can also be corporate, business, purchasing or rewards cards. Each card brand has its own interchange rates. When each of these networks is combined, there are over 300 different levels of interchange. It’s important for a merchant to know how his or her business is processing transactions and to consider managing factors like monitoring downgrades, processing Level II/III data, proper technology configuration, transaction timing, operating procedures and PCI compliance, in order to ensure the best interchange rates.
What is interchange optimization then? It is a system in which a business processes a credit card payment correctly with all the data required by the card associations in order to qualify for the least expensive interchange rate possible. This is seldom offered by payment processing companies but gives the B2B merchant huge saving benefits.
Workuity may have been won over by the cost savings, but that wasn’t the only problem they were looking to solve. They desired a technology that could integrate all their systems into one and speed up deposit times. At first, they were hesitant about all their systems being able to be synced into one, simply because they thought it couldn’t be done or would require a mess. However within three days, all their proprietary gateways and hosting systems were transitioned and synced into seamless unison. Workuity partners with Paymentsmith because Paymentsmith relieves a lot of time spend for businesses through technology integration.
If you’re a business owner that’s dealt with payment processing companies in the past like Dan, you know first hand how challenging it can be. Workuity was looking to solve the problem of ‘service.’ Once the Workuity team was able to see and work with the Paymentsmith team up-close, it made all the difference. Payments transitioned from one big headache to a truly consultative and local business relationship for Workuity.
“One of the biggest reasons why Workuity partners with Paymentsmith is the level of customer service we’ve received. The Paymentsmith team is truly a good group of people that are very responsive when we need them – although they did such a great job setting everything up on the front end that we haven’t needed much!”