Dublin entrepreneur Mary Kelly has launched a new online payments system targeted specifically at Irish SMEs. Named FeePay, the system facilitates the acceptance of electronic payment for online transactions, and Kelly claims she can offer the service at a significantly cheaper rate (FeePay charges 1.5pc on credit card transactions, while other providers can charge up to 5pc).
FeePay has also simplified the online payments system, making it possible for small organisations to easily set up and manage the process themselves.
With almost 20 years of experience in IT and banking, Kelly recognised that the requirements of SMEs, schools, clubs and colleges could be more effectively met with a local, indigenous product specifically designed for their online payment needs.
“Ireland is still heavily dependant on cheque payments in spite of the fact that banks aim to eliminate the use of cheques by 2016. A viable and affordable alternative payment method is required and the prospect of handling fee payments in smaller organisations has always been something of a headache for those running them,” she says.
How FreePay works
“What FeePay does is eliminate the time-consuming and troublesome elements of getting paid by introducing an online Laser and credit card payment system via a simple link on a website,” Kelly says. “This system can be easily set up and maintained with a minimum of IT knowledge. Currently, to accept payments via Laser or credit card, SMEs are faced with having to set up a merchant agreement with a bank and a PSP agreement. There is usually a €200 set-up charge for a merchant agreement and then a monthly minimum charge of €30.”
The cost for a PSP is usually €30 per month also and this means there is a cost of €60 per month before you even accept one online payment.
“FeePay has been able to eliminate these monthly charges for its customers as the system is basically a group scheme for payment processing. If you are part of the group you get a better deal.”
Having successfully piloted their suite of products, FeePay has already begun processing payments in schools and organisations throughout the country.
Robert Harold, chairperson of National Association of Community Education Directors, says: “FeePay provides several of our schools with an enrolment and payment system for community education classes. This now means that our office is open for business 24 hours a day, seven days a week. This has made a huge difference to the efficiency of processing enrolments for classes and we are delighted with ongoing support we receive from FeePay.”
By Deirdre Nolan
Photo: Mary Kelly, managing director of FeePay