Why We Decided to Get Rid of Our Monthly Fee

Helcim We Love Our Merchants

Goodbye $20 per month.

Until now, Helcim always had a monthly fee. And while it has changed and evolved over the years, a simple monthly fee (without other hidden fees) was always part of our approach to offering our merchant services.

We justified it in two ways. First, we provide amazing customer service. And second, we included great built-in tools with our core payment offerings, such as invoicing, a point-of-sale app, recurring payments and an online store. Thousands of merchants signed up, and we felt we were still delivering excellent value.

Meanwhile, behind the scenes, we’ve been working hard to automate functions that added costs to delivering our financial service (think underwriting automations, fraud detection, KYC, etc.) We recently reached a point where we could afford to remove the monthly fee and continue to deliver the same great payment service. So what should we do? Keep the monthly fee and enjoy the higher profits? Or waive the monthly fee and pleasantly surprise our existing and future merchants?

We chose to get rid of it.

But people really do love Helcim. Our reviews reflect that, and we’re committed to making good decisions every day to achieve this mission. Our goal is to redefine what it means to be a payments company in this new economy. To do this, we believe these three fundamentals are necessary:

We Are Helcim
We’re in the business of Better Payments.
Smarter, more affordable payment solutions with heart.

Customer service really matters

“Our mission is to build the world’s most loved payments company.”
Our mission is to build the world’s most loved payments company. We love that challenge, because it is so contrarian. People do love certain businesses. You can love a local restaurant, for example, or a music app, or an athletic brand. But almost universally, people hate their payment providers. Unfair contracts, hidden fees, held funds without context, terrible customer service – few industries draw more ire from their customers (except perhaps maybe telcos and insurance companies) than payment processing.

So few do it well, but it really matters. It really freakin’ matters. Payments is the heartbeat of commerce, and when merchants need help, they need a human that cares on the other end of the line. That’s why we invest heavily in our customer service team, and why we keep them in-house. Customer service isn’t a cost-center, it’s the most precious point of contact that merchants have with our company, our brand, our service. We see it as an investment into our ongoing relationship with our merchants – a way to keep reminding merchants why they chose us over others. No experience is perfect, bugs creep up, issues occur – but how a company resolves these says so much about their service.

Software and tools that empower small businesses

An old-school ‘brick’ terminal at the front desk is no longer good enough. When the pandemic hit, too many businesses realized that their terminal was in no-way helpful in helping them adapt. It was just a brick, speeding up the sinking feeling. In this new economy, merchants need tools that seamlessly blend the in-person and the online, the in-store and the on-the-go. Cloud and apps are no longer the future, they are table-stakes for today, and they need to work beautifully.

Merchants sign up with us because of our great payment service, but they stay because of the great tools that we give them to run and grow their business everywhere for no additional cost.

Pricing that builds trust

Pricing says so much about the company behind the service. Does this company care about its merchants? Does it care about establishing long-term relationships, or is the strategy all about short-term wins? Do they care about building trust and referrals, or would they prefer it if you didn’t look up their online reviews? How a company approaches its pricing is a direct reflection of the values of its team and its strategy.

We learned a long time ago that it’s not just about having affordable rates. Low payment rates are very important, which is why we offer Interchange Plus pricing with automatic rate discounts to all of our customers. But even more importantly, it is about transparency. Transparency builds trust, and trust builds long-term goodwill with your customers. Trust has the power to build a great company with a powerful brand.

Waiving our monthly fee is a continuation of our commitment to our merchants. It means less financial pressure on our merchants, and lets all businesses, regardless of their size or seasonality, know that Helcim is in their corner.

So, say goodbye to $20 per month. Just another step towards building the world’s most loved payments company.

-Nic

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