I write often on our blog about how we're a different kind of software company. From the way we were born to the way we operate, we put our customers ahead of ourselves more than anyone in the industry. One of the biggest ways we're different is in that we don't make any money off processing credit cards. Instead, we use the collective volume of our entire customer base to drive down the processing cost for everyone.
I'm beyond thrilled to announce that starting in January the credit card processing rates for all our all our customers will drop from 2.5% + $.30/transaction to 2.3% + $.30/transaction. (Note: In some countries beyond the US the rate is still lower by default)
This is the second time we've been able to lower our credit card processing rates since we launched in 2011, and we look forward to continuing to drive down the cost of processing credit cards for everyone on our platform.
Let's take a look at how this breaks down in the real world.
Processing Fees on Various Purchases
As the chart above shows, Tula now provides better processing rates than either Square or PayPal for most of your credit card transactions.
We wanted to include mindbody in our comparison, but unfortunately between all their hidden fees, PCI compliance fees, qualified vs. non-qualified transactions, etc we don't feel we know what their rates are.
We're so happy we can bring these lower rates to our customers, and as always we'll continue doing what we can to make running your studio easier and more efficient than ever.
Happy New Year!