“Many retailers, big and small, are struggling with high costs of interchange, arbitrary business models and cannibalization of consumer data by established card payment networks,” said Sean Kumar, Chief Executive Officer of IMPACTorg.
Atlanta, GA (PRWEB) April 23, 2013
IMPACTorg, a growing consortium of small and medium independent fuel retailers, today announced a no interchange, no fee “Handshake Program” for its alliance member retailers.
Retailers already struggling with interchange fees of established card payment networks are now threatened by a slew of new payment players such as Google Wallet, PayPal and others. The Level Up’s vaunted ‘0% interchange’ program could regularly cost 5% or more, with a median cost of 4.9% and a range of 3.2% to 6.9%, according to a March 15, 2013 report by David Kaminsky of Mercator Advisory Group. IMPACTorg retailers truly pay no interchange fees and there are no transaction fees.
“Many retailers, big and small, are struggling with high costs of interchange, arbitrary business models and cannibalization of consumer data by established card payment networks,” said Sean Kumar, Chief Executive Officer of IMPACTorg. MCX (Merchant Customer Exchange), a consortium of large retailers including Walmart, Target, Sears, Lowes, CVS and others is following a similar path. “Like MCX, we are not just creating a mobile payments and rewards network for our consortium, but starting a movement for our consumers and smaller retailers.”
IMPACTorg member merchants can now take advantage of their very own mCommerce platform: promote their businesses using free mobile ads via IMPACTorg-endorsed ION Loyalty app; accept digital mobile payments; and, instantly reward customers for every purchase. Merchants control the free mobile ads, using them to help turn inventory, promote high-margin items and introduce new products and services. Furthermore, IMPACTorg’s merchants are relieved of investing in technology or infrastructure, as the consortium does it on their behalf.
In essence similar to MCX, IMPACTorg’s ultimate strategy is to empower its consortium retailers by providing them with innovative, consumer-driven technology and safeguard them against the rising tide of also-ran mobile payment and rewards programs, to create a win-win for its retailers, and most importantly, consumers.
IMPACTorg (Independent Merchant Promoted Advanced Commerce Technologies Organization) is a consortium of more than 30,000 small and medium retail establishments whose primary objective is to promote mobile commerce, payment services and loyalty marketing for and on behalf of independent retail merchants. IMPACTorg is creating a platform that provides a faster, more convenient shopping experience for its consumers. Visit http://www.ImpactOrg.org.
About Sionic Mobile
Sionic Mobile is the maker and provider of ION -- a fully digital mCommerce platform connecting merchants with nearby consumers via mobile ads, payments and rewards. ION Rewards™ pays consumers to pay with their phones and rewards them for buying merchant-advertised items, connecting with friends and referring their favorite places. ION Loyalty® increases high-margin sales for food & beverage, retail and service providers. The apps connect securely in the cloud for immediate and effortless checkouts.