Recently, Intuit has updated their processing systems to include a few new options and pricing setups. We have had a number of merchants calling us asking how we compare so we have decided to write this blog post to break down the two different services.
PRODUCT COMPARISON
Intuit
Similar to most processing companies, Intuit offers its customers a number of different options for processing credit cards. this can get a little confusing so we are going to try and simplify it as best as possible for our readers. The obvious reason most people choose to use Intuit's merchant processing option is because they love the Quickbooks software and want to process credit cards directly through it. In order to do this, customers must use the Intuit processing service as they don't allow for any API connectivity into their system. The processing page is very basic and doesn't allow for much customization.
In order to process cards away from the software, Quickbooks has now added a virtual terminal accessible online with any computer. In order to use this, users must sync their customer info to the virtual terminal from the software. This can take some time if you have a lot of customers. Once synced they can download the info to an Excel spreadsheet or directly into Quickbooks.
Intuit now also offers their GoPayment cell phone processing system. This runs separately from the Quickbooks software and all transactions must be synced in order to show up in Quickbooks. There is also check processing and a webstore which are add-ons that cost more.
Intuit includes their merchant account with the product.
Trinity
The Trinity System is very straight forward with what it has to offer. The services aren't broken up nor are there additional fees for using certain aspects of the system. Trinity is not software-based but a complete virtual environment that offers 3 ways of processing in one: virtual terminal, e-commerce and wireless processing through any cell phone or laptop. No matter how you process, all transactions route through the same central system that is accessible any time, anywhere online. Customer date is saved in a contact manager along with all of their transactions for the lifetime of the account. Simply recharge a previous customer with a click of a button or issue a recurring charge on the fly. All transactions can be exported to Excel, XML or PDF.
The best way to compare the two products is to actually test them out. Ask an Intuit rep to run you through a demo of their system and call us any time for a demo of Trinity. There are also detailed video demos of the Trinity System on the corp PayJunction site here.
Trinity comes with a merchant account through PayJunction.
SECURITY
Both Intuit and Trinity are fully PCI Compliant products which means they adhere to the strictest security requirements set by the Card Associations. However, like with pretty much any other processor, when using Intuit's merchant processing system, the merchant is still responsible for completing quarterly scans and answering the annual PCI compliance questionnaire. Scans can be costly and time consuming.
As stated in a previous blog post, Trinity's unique patent pending technology allows for its merchants to skip the scan and questionnaire process. This can save merchants hundreds of dollars a year as well as countless hours of time.
PRICING
Intuit
Intuit breaks up its services and products with multiple pricing options. The basic Quickbooks processing cost is: $20 a month with no up front cost save for the software cost. Rates are in a 3 tier setup of 1.64% and 27 cents for swipe, 2.44% and 27 cents for keyed/rewards and 3.87% and 30 cents for corp/foreign cards. If you use the Virtual Terminal, there is an additional fee of $13 a month at the 3 tier rate of 1.90% and 30 cents for swipe, 2.90% and 30 cents for keyed/rewards and 3.87% and 30 cents for corp./foreign cards. In order to use their mobile card swiping GoPayment option, there are two options depending on how much volume you want to process. Here are details on that. In order to process e-checks or run transactions through a webstore, merchants must pay an additional $10 a month for each service. Intuit has a $20 monthly minimum for smaller businesses.
Trinity
We do not break up the pricing in any way for the Trinity System. There is one simple monthly cost that covers all of the functionality you get with the Trinity merchant processing system. As stated on our site, we do not have generic pricing structures as we custom quote all of our customers based on their size. Average monthly costs range from $15-$20 with no up front fees. Our rates in general are much lower however with a swipe rate averaging around 2.19% vs the 2.44% with Intuit. We also charge a $20 monthly minimum.
Both Intuit and TMS do not charge for PCI compliance, do not have long term contracts or any other hidden costs.
CONCLUSION
Intuit has come a long way in improving its merchant services for Quickbooks users. No longer are they 'stuck' on one computer where the software is installed. Furthermore, with the addition of their GoPayment service, merchants can now process out on the go like our customers. Cost can be a bit of a factor however if the merchant wants to take advantage of all of these features. In order to get the 3-in-1 functionality of Trinity a merchant would need to pay $40-$50 a month with Intuit. Also, their rates are about 40-60 basis points higher. Product-wise, the two systems are very different, offering solutions that might fit better for one company vs another. We recommend you take the 'Pepsi Taste Test Challenge' with both products and decide for yourself.
For a detailed quote and demo of the Trinity System please contact us today!
STOP WORRYING ABOUT YOUR PCI COMPLIANCE REQUIREMENTS!
That's right, when you get set up with the Trinity System and a merchant account through Trinity Merchant Solutions and our processor, PayJunction, all of your PCI compliance requirements immediately go out the door! How is this possible our merchants often ask? We will explain in this blog post.
HOW IT WORKS
Basically, with PayJunction's patent pending gateway technology, the 3-in-1 Trinity System, all card data is encrypted and processed in a way that keeps this data from going through the merchant's systems. In other words, credit card data is routed directly through Trinity and never saved or processed through the merchant's computer or webste. This keeps the integrity of the transaction intact at all times since no third party systems are put into play. The benefits of this system are immediatly obvious. Merchants with us will never have to pay for system scans or fill out questionnaires. Furthermore, we do not charge anything for PCI compliance since it is already automated within our systems. The only reason why a merchant of our's would ever need to perform PCI requirement scans would be if they were using the Trinity gateway with third party software or the Trinity API with a customized application.
CISP/PCI COMPLIANT COMPANY
As stated on our website, our processor, PayJunction, is a Level 1 CISP/PCI Compliant Provider which means they are on the top of the merchant provider food chain when it comes to encryption and security. NOT ALL PROVIDERS ARE LEVEL 1 so make sure to research this before choosing one. The Visa USA Cardholder Information Security Program (CISP) defines a standard of due care and enforecement for protecting sensitive information. The program ensures the annual validation of PayJunction through a strict audit and maintaines that PayJunction adheres to a specific set of requirements.
WHY TRINITY MERCHANT SOLUTIONS?
PayJunction does not directly sell its gateway product or merchant processing. However, as PayJunction's top MSP (merchant service provider) reps at Trinity Merchant Solutions are trained and up to date on all Visa/MC security protocols. We take this very seriously and are lucky enough to offer a product that has unparalleled security standards. Please contact us today for more information as well as a detailed pricing quote.
PayJunction (the maker of the award winning Trinity System) has just released a great new series of instructional videos detailing each aspect of the 3-in-1 credit card processing system. Broken up into easy-to-follow sections, this page is a great learning resource for those interested in the gateway product we have to offer. Here is the link.
Having partnered with PayJunction as its number 1 MSP (merchant service provider), we here at TMS have the wherewithal and know-how to make sure you are set up correctly and with the best possible pricing and service. Contact us today for a free rate analysis.
Overview
If you run an online search on 'PayPal' there are countless articles that come up about both the benefits and shortcomings of the third party payment processor. Unfortunately, many of these articles are often one sided and inaccurate because they are either commissioned by Ebay (PayPal's owning company) or written by a rival company looking to discredit PayPal. Our goal with this article on the other hand is to be as up front and honest as possible with our comparison of Trinity to Paypal. We always stress to our merchants that they make the most informed and knowledgeable decision about what company they choose for their credit card processing. In some cases they might even use both.
Trinity vs. PayPal - Features
Trinity is a 3-in-1 gateway developed by PayJunction that can link to any merchant account currently in the United States. The first aspect of Trinity is its real time gateway (for e commerce, API integration, etc) that offers the Quickshop shopping cart (similar to PayPal's Standard option), the Quicklink options for direct integration with third party shopping carts and its API for integration into customized websites and applications. The second aspect is the virtual terminal which supports both swiped and keyed transactions and the third aspect is the mobile processing capability either via the Cell Charge system or Easy Swipe. These are the three essential aspects of Trinity and are available to all users. There are a ton of other features that make the Trinity system a best of breed product as well...
PayPal has a rather unique business model in that they offer merchant processing without being a bank. In effect, they use their one master merchant account for all of their customers. The merchants' moneys actually route to a master holding account and then are divvied out according to how the merchant chooses (check, direct deposit or credit card). This has worked out pretty well for PayPal (even though they have had their occasional run ins with lawsuits and consumer advocacy group critiques) as they process millions of accounts world wide. Many merchants like going with PayPal because it is a known entity that their friends are already using and because it doesn't require as much documantation as a standard merchant account setup typically does.
PayPal's services really depend upon the pricing plan the merchant chooses. Unlike PayJunction, PayPal breaks this up into a number of different options as discussed in the next round. One major service that served as the foundation for PayPal was its money transfer option. This allows parties to transfer cash funds between PayPal accounts...something PayJunction can't do. They also have a donation button that is fairly rudimentary but often popular for non profits.
PayPal does not offer any type of mobile processing solution as of now.
Pricing
As with any service, it is important to be fully aware of the types of packages the company sells and why the pricing is different for each. Trinity Merchant Solutions makes this super simple for the customer by bundling everything into one, all in one package that includes a merchant account plus all of its future updates, plugins, customer support, etc. No aspect of the service is broken up into different pricing or upgrade options. Thus, every single customer of Trinity Merchant Solutions is working with the same product and service.
Because PayJunction uses resellers like us to sell Trinity (who have a standard breakdown for their cost), it is up to the reseller to charge the merchant as they see fit; thus why there aren't fees listed on the corporate website. With this type of setup, it really comes down to the merchant/reseller relationship. This can be very beneficial to the merchant as the reseller has the flexibility to tailor the fees according to the type/size of the merchant's business, especially if they are comparing to PayPal. Many resellers will do what they can to beat PayPal's pricing. This, however can put off some merchants who prefer to simply sign up online and forego the merchant/reseller interaction.
With PayPal there are a number of different packages that merchants can sign up for depending on what they need. This can be a little confusing for the average person so we will break them down here:
- Website Payments Standard: This is the most basic option that allows for merchants to use PayPal's buttons to take transactions through PayPal's website. The customer is transferred to PayPal's website to complete the payment. Works with all major credit cards. No up front cost or annual fee at the rate of 2.9% plus 30 cents. Very simple and basic all around.
- Website Payments Pro: This is a more advanced version of the previous option that allows for the merchant to process through their 3rd party shopping cart or customized solution. There is a monthly fee of $30 at the same rate of 2.9% plus 30 cents
- PayPal Virtual Terminal: This is exactly what it states it is, PayPal's virtual terminal or credit card machine online. Once again, no up front cost at $30 a month and at a little higher rate of 3.1% and 30 cents a transaction.
- *Payflow Link: This is PayPal's gateway service that allows for merchants to connect to a third party merchant account. This is the cheaper version that, like Website Payments Standard takes the customer to PayPal's website to make the transaction. This includes the virtual terminal. There is a $179 setup fee, $20 monthly and 10 cents transaction fee on top of the merchant account fees.
- *Payflow Pro: Same as Payflow Link except that it integrates with a third party shopping cart or has API for customized integration. Includes the virtual terminal. There is a $250 setup fee, $60 monthly and 10 cents transaction fee.
*With both of these options, PayPal charges for technical support. There are 3 options (this is a bit rediculous) that range from $12 to $495 a month! See here.
In looking at these different options from PayPal it seems to make the most sense to use the first one if you are a small company doing a few transactions a month. This is great for mom and pop type businesses and we often recommend that to them. However, if a merchant wants to be able to take transactions through their website and a virtual terminal they will need both accounts which results in a $60 monthly fee. That equates to $720 a year in monthly fees alone! The other option is to go with a Payflow account but this can be a little costly as well.
Customer Support
Trinity Merchant Solutions and PayJunction include their customer support with the Trinity System at no extra cost. There is 24/7 phone support as well as an online ticket system. Unlike most major providers, PayJunction uses in-house support staff that are readily available at a direct extension. They are friendly and knowledgeable and usually completely familiar with the caller's account.
PayPal offers email support to all of its customers as well as an automated toll free support line for basic inquiries. Like most major companies these days, there is a ton of button pushing needed and long waiting times to get to real person. If using their gateway, any technical support must be payed for as noted above. Because PayPal is such a large company, their support can get a little bogged down and most complaints about the service seem to arise because of poor support.
Overall Customer Satisfaction
Trinity Merchant Solutions and PayJunction have a near perfect record of customer satisfaction that is unparalleled in this industry. Run a Google search and see for yourself. The product stands up to consumer reviews like no other and the service is undeniably top quality. The only negative that we were able to find was: 1) the PayJunction reseller program (Is PayJunction a scam? site) and 2) the old merchant service that used to come bundled with the system. The first issue is immediately resolved if one reads the scam.com website post. The second issue has also been resolved as PayJunction is now its own ISO for First National Bank Of Omaha (how we set up your merchant account). This means that we here at TMS now have direct influence over the merchant account from underwriting to resolving chargeback disputes.
For PayPal, customer satisfaction seems to be in the eye of the beholder. Like any massive company of this size, you will have both view points. Some love it for its simplicity and have never needed to contact support, others who have had issues were frustrated by the lack of direct customer support. PayPal definately did not pass the Google search test either as hundreds of anti-PayPal sites popped up. As we stated in the beginning of this post however, many of these sites are obvious ploys to gain business by other rival companies but others, run by neutral consumer advocacy groups for instance, do make valid points. The biggest issues seem to come from customers dealing with chargebacks and how PayPal deals with them. The lack of direct communication with account managers can be very frustrating as PayPal users are forced to use email to get info on their debited funds. At least with a merchant account the merchant has the ability to argue their case with someone over the phone and issue a counter dispute with the correct supporting documents.
Conclusion
So what did we conclude in our comparison? While being as neutral as possible it was clear that Trinity had the upper hand over PayPal in every category. We can say that for those merchants who deal primarily with Ebay sales, small volumes and donations they will probably be happy with PayPal because of its no hassle, affordable Website Payments Standard option. However, those who process serious volumes, deal with higher risk business models or products, need multiple ways of taking credit cards or run enterprise software are going to run into a lot more issues and fees than PayPal concedes openly on their website and should probably look into getting set up with a merchant account and gateway like the Trinity System.
We hope you found this post informative and useful and as always recommend that merchants do their own research and questioning to find the best service for their credit card processing. Don't hesitate to contact us with any further questions.
We want to wish everyone a very happy new year from Trinity Merchant Solutions. Always looking to the future, we are very excited for what this year has to offer in terms of new developments for the Trinity System. We have word from PayJunction that there will be a ton of new features being released this first quarter that will take Trinity to a whole new level. Here is a glimpse into just a few of these:
1) ACH Processing - Very soon the Trinity System will be able to handle ACH transactions, opening up a whole new realm of possibility for businesses who accept checks and do a lot of invoice sales. This will give the merchant real-time check processing with the same functionality Trinity currently gives to its credit card processing. Very exciting.
2) Signature Capture - Soon Trinity will have the ability to save digital signatures under the created customer contact. No longer will face to face merchants need to save receipts for their records! This will both save time and the headache of storing old receipts for protection against chargebacks.
3) Bank Deposit Confirmation - This has actually already be implemented. Under 'Settings' merchants can now see and verify when batch deposits have hit their bank account. This is a great little accounting tool.
Also in line for the future of Trinity are gift cards and a proprietary mobile processing app for iPhone, Blackberry and Droid phones. Stay tuned to this blog for the most up to date news and info on the Trinity System.
Because so many city ordinances now require cab drivers to accept credit cards, it has become common to see a new brand of customized terminals in cabs these days. These terminals are usually either set up by the city or the cab company itself and, while convenient, come at a high price for the individual cab driver. Because the city and the cab company often take a cut of each sale, the average transaction rate on these machines is about 3.2% which is rather high for card present transactions. This can severely cut into a cab driver's profits, especially when the cost of gas is on now the constant rise and every penny counts.
What's a solution to this for the individual driver? Cab and limo drivers can take matters into their own hands and set up a credit card solution for themselves. Trinity is a great way to go for drivers because it is low in cost, offers better rates and adds flexibility that those machines can't offer.
Cost
Unlike expensive wireless machines that can run up to $1200 each, Trinity harnesses the power of your cell phone or wireless laptop that you already own to process credit cards. Trinity's Cell Charge System comes standard with our merchant account and works with any phone. There are also FREE apps for iPhone, Palm-based devices or any Windows smart phone that allow for signature capture and even faster processing. Have a laptop with a broadband card or drive a limo with WiFi? We can provide a $100 USB Swiping unit that would convert any computer into a swiping credit card machine.
Rates
Besides equipment costs, rate costs can be much lower with Trinity vs. the corp or city setup. For one, we set you up with your own merchant account provided by us, which means no middle man to increase your rate. Average swiping rates with Trinity are around 1.65% vs the 3% you get with most cab companies. Furthermore, because the system is set up with your own merchant account, you can run all of your own reports and receive direct deposits into your bank account every day. Increased cash flow = increased peace of mind and comfort.
Increased Flexibility
With Trinity, there are a lot of options on how to accept credit cards. In an area with no cellular reception? Use a satellite service to access the internet on your smart phone and process credit cards that way. Or, as one of our cab/limo companies does, set up a VIP system where cards are issued to clients with a 'VIP code' that allows them to use a tab of sorts for cab or limo rides. Because the Trinity System encrypts and stores every credit card processed under an individual contact, accounts can be created where the card is instantly re-charged with a click of button. Rockstar Cabs in Santa Barbara has been doing this with the Trinity System for years and has found great success in creating a massive recurring customer base. For more info on this tactic please contact us.
Have multiple drivers? In Trinity, you can create as many user logins as you like and access from as many phones, computers, etc as well. Logins allow admins to track transactions and limit usage as desired.
Conclusion
For those independent cab or limo drivers looking for an affordable and flexible credit card solution, Trinity may just be the answer. With unparalleled customer support and a product that is always adapting and changing with new technology, Trinity Merchant Solutions will make sure are 100% satisfied with the service we offer. Please contact us today for a customized quote and demo.
The Trinity System is unique in that it is a virtual terminal that also includes real-time gateway functionality. Unlike other systems like Authorize.net or PayPal that offer separate solutions to cover these needs, Trinity offers it all-in-one (plus mobile which we have covered in past blog posts). The benefit of this, besides lower cost, is that all transactions are running through one simple to access database which makes for easy accounting and automation. In this post, we will go over the different ways merchants can implement the Trinity System into their website and what option works best depending on the situation.
Trinity's Quickshop
The Quickshop option is very similar to what PayPal offers with its PayPal Payments Pro. With this option, PayJunction hosts the checkout page on their secure server allowing for easy implementation onto any website lacking the proper coding or third party shopping cart for e-commerce. In Trinity, there is a section where the user can customize this hosted page to look like their own website by adjusting the color settings and adding images. There is also simple button generator that allows for users to create customized buttons for each product being sold as well as buttons for donations and checkout. Simply copy and paste onto your website and start selling online in seconds.
This is a great option for small mom and pop websites or non profits looking to take donations. There is no added cost for using this nor is there any need to get a SSL certificate for your site. The drawback to this option is that the hosted checkout page is on a different URL which doesn't look quite as professional as a self-hosted page.
Trinity's Quicklink
For those looking to use a third party shopping cart or self-hosted checkout, Trinity offers its Quicklink option to handle just that. Trinity is compatible with almost every 3rd party shopping cart out there and, for many, is integrated with a simple click of a button. PayJunction's support page lists most of these. Unlike Quickshop, Quicklink allows for the gateway to seamlessly integrate directly into the website through either customized coding or the third party shoppingcart. The benefit of this is a more professional-looking checkout and more advanced e-commerce setup. In order to maintain PCI compliance, an SSL certificate is required when using Quicklink.
Trinity's API
For those companies implementing customized coding and software, PayJunction offers free API for integration. This can be found on their support page. Programmers can take this code and create sandbox environments to test out their systems with Trinity. Also, since Trinity is completely PCI Compliant, there is no need to worry about encryption or running scans.
This is great for companies looking to create new customized payment applications and third party software.
Conclusion
Whether you are a brick and mortar business looking to add e-commerce to your website for added sales or a software development firm creating a new third party payment system, Trinity provides you with the necessary tools to integrate the real-time gateway into your website or customized application at no extra cost. This is just one more way how this system has been engineered to be better than the rest!
