Thryv Holdings, Inc., the provider of Thryv® software, the fully integrated, end-to-end customer experience platform for growing small businesses, announced that ThryvPaySM, the payment processing service designed for service-driven businesses, has surpassed $10 million in total payment volume in less than six months since launch.
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Service-Based Businesses Prefer ThryvPay
Launched in late October 2020, ThryvPay has now surpassed $10 million in total payment volume, with more than 85,000 transactions completed. It has quickly become the preferred payment processing service for Thryv software users, who opt for ThryvPay thanks to its competitive flat-rate fees; contactless credit card, debit and ACH (Automated Clearing House) processing; payment scheduling; and the ability to add tips and offset transaction costs by passing a convenience fee to customers.
“We designed ThryvPay specifically for service-based businesses who need to schedule payments for ongoing services and accept larger payments digitally without enduring excessive processing fees,” said Ryan Cantor, Thryv’s VP of Product and Marketing. “That’s why using ThryvPay to accept ACH becomes a game-changer for service-based businesses. You don’t take payments for a roofing job the same way you do for a cup of coffee. Your payment processor should work the same way you do.”
In fact, in the G2 Spring 2021 Report, verified software users ranked Thryv as the No. 3 payment gateway for small businesses, narrowly behind Apple Pay, which holds the No. 2 position. PayPal leads the category.
“ThryvPay has changed the game for us,” said Andrea Prado of Executive ENM Window Tint in Portland, Ore. “We work with a lot of dealerships, and they don’t have time to come down to the shop and do the cash or card [payment], so it’s been awesome. It’s a great communication process with them … We love it, it’s great.”
Small Businesses Save Big with ACH
Because typical 2.9 percent credit card processing fees have no maximum, businesses often ask clients to write checks for large payments to avoid those fees. ACH allows businesses to accept safer, online contactless payments that are drawn from a client’s checking account at fees of just 0.9 pecent. ThryvPay integrates with Plaid bank transaction integration, enabling the business owner to know instantly that their customer has adequate funds to cover the ACH payment. If the same small business was paid by check, they would typically wait seven or more days for a check to clear, only to find out the payment failed from the end banking institution.
Another major benefit: ThryvPay’s ACH fees max out at $9, so businesses can enjoy cost savings on transaction fees when processing larger payments.
For example, on a $5,000 transaction, ThryvPay users pay the maximum flat rate of $9 when processing through ThryvPay ACH. That same $5,000 processed via credit card, with a 2.9 percent processing fee, would cost the business $145. That’s a $136 savings that goes directly to the business. Plus, they do not have to collect paper checks, run to the bank for deposits or worry about bounced checks, thanks to ThryvPay’s real-time funds availability confirmations.
“About a third of our merchants have already discovered the advantage of the savings they get by using ACH for larger payments, and more continue to do so every day,” Cantor said. “Our average ticket size is about $434. While the average credit card transaction is $405, the average payment processed through ACH is $650. The savings on transaction fees really add up over time.”
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