iPassPay - Payment Method Definition | Akurateco
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iPassPay

iPassPay is a payment platform that was founded in 2014 in Hefei, China. The company with SSL certificate protection offers security, stability and competitive rates in the market. The company standing behind the platform is based and registered in Hong Kong. 

The platform promises 99,99% uptime and constant connectivity. Apart from safety and stability, the company offers a straightforward pricing model, which is clear to all users. 

iPassPay highlights

The company assures that it helps to increase the sales of merchants from 50 to 500%. All members of the team have worked in the sphere of payments for over 5 years and have the opportunity to apply their knowledge on the platform to improve the efficiency of its tools and functionality.

Much attention is paid to security. The company sticks to the SCA policy, which implies Strong Customer Authentication standards, developed by European regulatory bodies to control the industry. The platform uses third-party services to stay protected from fraud. For instance, Cybersource and Maxmind products are used to protect the platform’s users. The service allows 2-step Authentication for merchant accounts. 

The team made API integration incredibly easy. If some question arises, a specialist of the service provides free support to settle the issue. The platform offers shopping cards modules that are easily integrated to various systems. For instance, developers came up with modules for OpenCart, Zencart, Magento, and many other popular shopping carts. These ready-made modules that considerably simplify and speed up the process of installation and integration are absolutely free.  

The transparency of the fee structure and ease of using the system make it a preferable option for many merchants. The pricing solution can be customized to meet the demands of users. The ultimate price depends on several factors mentioned below. 

The website has a convenient support section that explains many questions in detail, for instance, how to create a MID (Merchant Identification Number) and what the double refund is. 

iPassPay benefits

The company provides the following benefits:

  • Numerous MID support since the company works with different PSPs and acquirers the world over. 
  • The agreement with the platform doesn’t have hidden fees. 
  • The custom support is always at the disposal of users. Prompt responses are guaranteed. Those who value fast communication, should apply to this company. 
  • Customers are protected by PCI compliance and SSL technology.
  • Simple and fast integration with ready-made modules.
  • Easy-to-use reporting functionality. 

iPassPay fees

The fee for the service is rather affordable. The transparent price list helps merchants to understand if the service is suitable for them. The Buy Rate (MDR) can vary from 2 to 18% depending on details that should be discussed personally with the team. The setup fee starts at 499 USD and can reach 1,299 USD. The chargeback fee is 40 USD. The same amount is taken as a pre-dispute fee and withdrawal. The settlement cycle begins from 7 days and can last for 30 days. The rolling reserve is 10%. The factors that affect the final fees include such things as transaction volume, settlement currency, business type, and chargeback ratio. The team also looks at the processing history and compliance documents to decide on the fees for the company. Some tasks are performed by the team without charge such as platform use, technical support, and compliance check. Also, the fee is not charged when the application is submitted and the account is closed. There is no refund fee, monthly and annual fees. The parties are not bound by the contract and can collaborate as long as it is profitable for them. 

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