Waukee-based VizyPay saves millions in credit card costs
VizyPay's Cash Discount Program was one of the winners in last week's Best in Biz Awards.
Why it matters: The Waukee-based business is helping merchants and their customers save big bucks.
Driving the news: The app was recognized as one of the gold winners for small and medium businesses in the Biz Awards.
- The awards program is judged by reporters and editors from publications like the Wall Street Journal and the Associated Press.
What they're saying: VizyPay has saved businesses more than $20 million in credit card processing fees over the last four years, Kyle McCann, the company's director of business development, told Axios last week.
- The company had five employees when it launched in 2017 in West Des Moines. It now has around 60 workers, and expanded to a bigger location in Waukee in September, McCann said.
How it works: Businesses that accept credit card payments typically pay as much as 3.5% in fees and processing charges.
- The app instantaneously calculates discounts used to incentivize customers to pay with cash to avoid the credit card fees.
- It costs a business as little as $15 month but typically generates substantial savings, McCann said.
The big picture: Credit cards are an important tool for businesses but they can contribute to costs.
- There's growing demand for alternative payment solutions that VizyPay is helping to fill.
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