Free Payments for Paid Members
Exectras’s standard contract deviates from typical credit card processing industry norms with its pricing structure. Instead of offering a merchant account with per-transaction markups, monthly, and annual fees, the company claims to provide payment processing services without any markup. To generate revenue, the company includes this no-markup processing plan in a suite of services for which it charges a single membership fee paid monthly or annually. It explicitly states no charges for early termination or PCI compliance fees.
Exectras Pricing
The company’s pricing schedule outlines the monthly and annual membership fees merchants must pay to access Exectras’s full suite of business services, including no-markup payment processing:
- Costs escalate based on the number of employees, with annual memberships offering a 5% discount. The contract terms under TransactNAP included a clause regarding Custom NAP enrollment, which may or may not apply presently.
No Cancellation Allowed
Past documentation from the company under the TransactNAP brand indicates a policy barring cancellation during the program term. While the company does not specify an early termination fee for payment processing, it also prohibits merchants from canceling their memberships, effectively acting as a retention ETF. It is unclear if the current benefits program enforces a similar policy.
Other Exectras Services
Exectras promotes a suite of business services for merchants, including:
- Pre-negotiated insurance packages
- HIPAA compliance technology
- Paychex employee benefits management
- Payroll management software
- 401(k) management service
- Voluntary employee benefits through Colonial Life
- Business loans through BizCash
- College scholarship program for employees
- Auto and home insurance from Liberty Mutual
- Prescription drug discount card
- Pet drug discount card
However, many of these benefits involve additional charges.
Savings Not Guaranteed
Exectras’s pricing model combines access to various business services into a single, simply priced package. While it may offer substantial discounts, merchants effectively pay monthly or annually for access to “no-cost” payment processing plus the option to purchase services from Exectras’s partners. The value proposition lies in whether the bundled services are available at rates low enough to justify the membership fees.
How To Compare Exectras’ Pricing
Merchants should weigh the benefits against costs, considering that basic interchange fees apply to all transactions. They should compare Exectras’s membership fees to the markup charged by their current processors. If Exectras’s fees are lower, it might save money; otherwise, it may not.
A Complicated Pricing Calculation
It’s probable that Exectras’s membership costs exceed those of budget-friendly merchant account providers. Moreover, membership may come with a non-cancellable term and no additional free services, leading to a “B” rating in this section.
