Clearent - Payment Method Definition | Akurateco
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Clearent

Clearent is a platform that specializes in providing payment processing solutions to legal entities, regardless of their size.  Clearent also provides tailored solutions meeting the demands of specific industries, for instance, retail, restaurant, and healthcare, among others.

The company was founded in 2005 by CEO Dan Geraty, who previously worked for a large payment processing company. The platform has since grown to become a major player in the processing industry, with a focus on providing transparent and innovative solutions for large businesses and SMEs. Clearent has received multiple awards for its growth and innovation.

Clearent highlights

The platform distinguishes itself by offering “Interchange-Plus Pricing,” applying a unique pricing model that is clear and straightforward, with no hidden fees or charges. A transparent pricing structure separates interchange fees from processing fees. This allows businesses to have a clear understanding of the costs associated with processing payments and could potentially result in cost savings. Since there are two types of fees that are charged by the processing company, interchange fees (set by the card associations such as Visa or Mastercard) and processing fees (a percentage of the transaction amount), the facility decided to separate them to deliver a clear breakdown of the fees, which are charged for each transaction. This allows businesses to understand their expenditures clearly and potentially save money.

Like many other business rivals, the company provides countertop terminals for businesses that require them. They don’t specify the exact models, but it is known about the support of magstripe, EMV, NFC features. Equipped with EMV technology, they speed up the transaction process taking less than 5 seconds.

The platform also provides a gateway, which is seamlessly integrated with a proprietary processing engine.The company delivers its own Virtual Terminal, which enables businesses to accept transactions through manual entry or card swiping. This versatility makes it an ideal solution for businesses operating in various settings.When using the virtual terminal, businesses can input additional data, known as Level II processing data, which can help to lower the interchange rates for transactions. This can result in cost savings for businesses that frequently process payments through the virtual terminal. Using peer-to-peer encryption, the platform can ensure secure transactions.

The platform has a mobile point-of-sale (mPOS) solution. A mobile app is available for different operating systems, iOS- and Android-based, and can work with and connect to several different mobile card reader devices made by IDTech, a manufacturer of payment processing hardware. Some of these readers are equipped to process payments made with both EMV and NFC technologies.  

Fees

Clearent doesn’t provide any details about its pricing structure or fees on its website, as they vary greatly depending on the merchant’s specific needs and requirements. Instead, Clearent offers a personalized approach to pricing and requires merchants to request a quote from their sales team. By doing so, Clearent can better understand a merchant’s unique circumstances and tailor a pricing plan that meets their specific needs.

There is a fee, charged by the company in the case the partner cancels their contract before the agreed-upon period of time. It is essentially a fee to compensate the provider for the loss of revenue they would have received if the contract had been fulfilled and its 395 USD in the case with Clearent.

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