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Sionic Mobile Corp., a provider of consumer-to-business payments technology, will launch a program that enables independent sales organizations, agents, independent software vendors and other resellers to provide merchant clients with a new Pay-by-Bank service in the United States. The program, which will launch Sept. 1, is intended to help resellers attract new merchants and retain existing ones.
As part of the program, Sionic will provide resellers with a free CODE Pay merchant app that allows them to accept digital-cash direct deposits to their business checking accounts while enabling QR code-based prepaid orders for takeout or in-store consumption.
A key benefit to merchants for accepting digital cash is lower transaction costs. On average, merchants will see a 2% cost savings over card swipe fees, according to Sionic, whose Pay-by-Bank service is a real-time, bank-to-bank payment platform that uses The Clearing House Payments Co.’s Real Time Payments network. In addition, Sionic’s platform gives resellers instant access to their commissions.
“We’re excited to be offering resellers a brand-new tool to help acquire and retain merchants,” said Charles Jackson, account specialist for Sionic. “Giving merchant clients access to instant cash deposits at checkouts and bypassing expensive card-swipe fees is truly an inflation buster.”
