QuickPenny is a payment app that bypasses the debit and credit card network to save merchants’ money. All customers pay from their bank account, so QuickPenny can offer payment processing fees that are over 2% of the purchase price less than other payment processors. With the fee savings, merchants can optionally fund a customer loyalty program that we facilitate. Merchants set the loyalty rate and expiration date of any rewards, and we automatically manage everything.
Merchants do not benefit from credit card points because those points can be used anywhere. With QuickPenny, rewards can only be used at the merchant where the rewards were earned. This will drive repeat business. The first 2% of rewards is essentially free since that is how much more it would cost to process credit and debit cards with an alternative like Stripe or PayPal. Assuming less than half of customers redeem, merchants can offer rewards of 4% or more through QuickPenny and still be as well off financially as if the transaction were processed with credit cards. And if the customer redeems, that’s good too because it means the merchant is getting a 2nd sale!
With QuickPenny, consumers benefit from earning rewards without borrowing money. Right now people paying with debit cards do not get any rewards. QuickPenny is a way for consumers to earn rewards without borrowing money on a credit card. Rewards are automatically applied to repeat sales.
QuickPenny works similar to PayPal. People log in to their account with their cell phone number and a one-time password and they authorize payment. QuickPenny securely gets permission to debit people’s bank accounts by using Plaid, the same fintech company that works with Venmo and CashApp.
QuickPenny is secure.
We safeguard financial information with the latest encryption protocols like Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS). All data is secured in transit and at rest.
QuickPenny is hosted in a mature and secure cloud environment. By leveraging cloud infrastructure, we can bring decades of security experience to protecting financial information.
We don’t sell, rent or share financial data with outside companies.
We connect your bank account with the same provider that Venmo and CashApp use. We never see anybody’s bank username and password and neither do our partners.
To add QuickPenny to your WooCommerce site, all you need to do is enter your QuickPenny client ID and client secret into your WooCommerce administrative panel.
Your QuickPenny client ID and client secret can be found in the merchant portal on the Profile tab.
If you don’t already have the QuickPenny plugin installed, you’ll need to install it. You can do this by navigating to the Plugins tab in your WooCommerce administrative panel and clicking Add New. Type QuickPenny into where it says search plugins and then click Install Now.
WooCommerce nests their payments plugins within several screens, so we made a video to visually guide you through the process. You can find that video at https://www.quickpenny.com/woocommerce.
First navigate to the WooCommerce tab and click Settings. Then click on the Payments tab and click on the QuickPenny plugin.
Add the client ID and client secret that you got earlier into where it says client ID and client secret.
You can adjust any other QuickPenny settings in the same screen.
In summary form, the navigation path is WooCommerce > Settings > Payments > QuickPenny.
Why should I use QuickPenny?
QuickPenny is a cheaper way to process payments. When your customer pays with QuickPenny, you make more money. You can optionally use those savings to give your customer an incentive to make another purchase at a later date.
To link your bank account, click the link bank account button in the QuickPenny merchant portal. You will be asked to find your bank and authenticate. After that, your bank account will be linked to QuickPenny.
How long does it take to receive money?
With QuickPenny, money travels just like it does for online bill payment or direct deposit, which normally takes a few days to process.
Does QuickPenny work internationally?
For now, QuickPenny is only available in the United States.
QuickPenny partners with Plaid, the same company that works with Venmo and CashApp. Plaid is a NACHA Preferred Partner for account validation.
How does QuickPenny make money?
QuickPenny charges a percentage fee that is under 1% per transaction plus a small fixed charge. QuickPenny charges over 2% of purchase price less than competitors like Stripe and PayPal.
What do customers need to do to redeem rewards?
QuickPenny automatically applies rewards to any repeat sales.
There are no reviews for this plugin.
Contributors & Developers
“Quickpenny” is open source software. The following people have contributed to this plugin.Contributors
- Plugin released.