LocalPay: A Better Way to Pay and Get Paid

LocalPay is a cutting-edge Pay-by-Bank solution that streamlines payments by enabling direct account-to-account transfers between consumers and merchants. By eliminating traditional payment intermediaries, LocalPay significantly reduces transaction costs while enhancing the overall payment experience for businesses, banks, and consumers.

Reducing Payment Costs for Merchants

One of the biggest challenges for merchants is the high cost of payment acceptance through traditional credit and debit card networks. Typical transaction fees range from 2.5% to 3.5%, cutting into profit margins. LocalPay offers a cost-effective alternative, reducing these fees to as low as 0.5%. These savings can be reinvested into the business or passed on to consumers through lower prices and incentives.

Seamless Bank Integration

LocalPay integrates seamlessly with a bank’s core processing system, already supporting major providers like Jack Henry, Fiserv, and others. This makes LocalPay a turnkey merchant service offering for banks, allowing them to attract new business customers, grow deposits, and generate additional revenue without the complexities of traditional merchant acquiring.

Driving Consumer Adoption

For pay-by-bank solutions like LocalPay to succeed, consumer adoption is critical. Fortunately, consumer behavior is already shifting toward digital payments. As mobile wallets like PayPal and Venmo become commonplace, LocalPay leverages this trend by providing a frictionless user experience:

• Quick & Easy Payments – Consumers simply scan a QR code at checkout to complete a transaction.
• Instant Transfers – Payments move directly from the consumer’s bank account to the merchant’s account in real time.

Enhancing Engagement with Loyalty & Rewards

Beyond payments, LocalPay delivers additional value through discounts and loyalty programs. Merchants can offer exclusive promotions to consumers, fostering repeat business. Over time, LocalPay will develop a loyalty marketplace, allowing consumers to browse and redeem deals within the app. For merchants, this serves as a customer acquisition and retention tool, while banks benefit from increased engagement and transactional volume.

The LocalPay Advantage

LocalPay presents a win-win-win for merchants, banks, and consumers:

• For Merchants: Lower transaction fees, seamless integration, and increased customer engagement.
• For Banks: Greater deposit volumes, stronger relationships with business customers, and new revenue opportunities.
• For Consumers: A simple, secure, and cost-effective way to pay with potential savings from merchant discounts.

Conclusion

LocalPay is transforming the payments landscape by offering a smarter way to pay and get paid. By reducing costs, simplifying transactions, and enhancing consumer engagement, LocalPay is poised to be a game-changer for merchants, banks, and consumers alike.

Contact us to learn more about how LocalPay can enhance your payment ecosystem.