“We can see there are a lot of other players in the industry but not all can provide simple peace of mind solution.”
With the new patented technology that meets standard regulations set forth by the major card service providers, state law and federal law (§124.STAT.2073, 9b2), business owners allowed to apply a small service charge to each sale, thus offsetting their credit card processing costs. The state of the art terminal with Cash Discount Program Software installed, automatically encourages customers to pay with cash. If such payment is made, the software applies a discount to the sale amount and eliminates a service charge. WOW Payments terminal is easy to set up, transparent to the customer and saves you money.
The company provides a clearly placed signage that lets your customers know that there is a service fee applied to all credit card products and services that you sell. Transparency and communication with the customer is extremely important and the majority of the customers understand that the cost of doing business is going up for everyone.
WOW Payments was incorporated in 2016 and is headquartered in New York.
Eugene Gold, WOW Payments, LLC CEO, spoke exclusively to The Silicon Review. Below is an excerpt.
Why was the company set up? And how did you expand your company and its offerings over the years?
After years of working in the merchant services industry, we released something was seriously wrong. Merchant service providers were cheating business owners out of their hard-earned profits by taking on huge markups and hidden fees.
Our goal at WOW Payments is to save businesses from greedy payment processors by eliminating up to 100 percent of their processing fees, costly markups and hidden charges. We give businesses access to a truly free with no contracts and no string attached payment processing.
In the beginning, our customers thought this program was too good to be true and no one wanted to try. But after one month trial, business owners realized that it is a completely transparent system with free equipment. The referrals started coming in as business owners began to refer their friends and relatives and their competitors started jumping on it as well.
What challenges did you face in your initial years?
The challenge was that this program was available for a very long time but was not really popular. Additionally speaking, the technology was not working to compliment this program. After making many strong relationships we were able to demonstrate that the program is extremely beneficial to business owners and not much of work is needed from them.
What do you feel are the reasons behind your company’s reputation?
Doing the right thing at all times is built into our company culture. Even if the business owner does not want to switch to us or process with us we will still save them money by negotiating the best possible rates with their existing company. We do not make any money doing this but hopefully, business owners see what kind of company we are to go above and beyond to help others.
Is your company a ‘leader or a follower’? Do you formulate your own core values?
I would say that WOW Payments is a leader. We can see there are a lot of other players in the industry but not all can provide simple peace of mind solution. We constantly innovate and push the boundaries of what is possible. We always ask our merchants for suggestions and we listen as well as we come up with additional products or improve the existing ones.
Building a culture of sustainability within an organization is very important to maintain a reputation in the global market. How is it true for your company?
Extremely important! It is our job that with our cash discount program business owners are able to grow their business and save as much money as they can. If the program does not work for them they can cancel any time. We want to make sure that each business owner understands this industry and program, and is able to grow their profit margins instantly by 3-4 percent.
Trust is a difficult attribute to measure and a delicate dynamic to maintain. How do you maintain this with your clients?
WOW Payments training is one of the best in the industry. All of our employees are attending one-month training and tested on their knowledge periodically. This ensures up to date information that is passed to the merchants. Our customers always have access to the back office via chat, phone or email where they can verify the information provided to them.
Where do you see your company a couple of years from now?
We hope we can continue building strong ties with business owners and contribute back to the community. We understand as this industry matures and evolves we will as well by keeping the can-do attitude and always doing the right thing.
Eugene Gold: A Brief Background
Eugene Gold is an experienced entrepreneur and visionary that has repeatedly outperformed in every position. Mr. Gold’s success was achieved through creative leadership, recognized customer retention, strategic intuition, and passion for delivering positive results. Over many years, Mr. Gold developed a rare combination of experience as well as strong and lasting relationships that are necessary in order to secure a competitive edge.
“We constantly innovate and push the boundaries of what is possible. We always ask our merchants for suggestions and we listen as well as we come up with additional products or improve the existing ones.”