How Lopay Is Redefining Payments for America’s Small Businesses

Many payment systems today suffer from slow transaction speeds and excessive fees, harming small businesses that rely on them. Lopay challenges this long-held status quo by delivering a combination of speed, affordability, and features designed with businesses in mind to benefit US merchants.

Payment Systems and Bleeding Businesses

Small business owners in America know the struggles of contending with many of today’s user-unfriendly payment systems. Transaction fees cost some businesses upward of $7,500 annually on behalf of card processors and major banks, resulting in people losing hard-earned profits.

Lopay solves this issue with honest, transparent pricing. The company avoids many policies that cost businesses, such as enforcing fixed costs, forcing surprise charges, or demanding contracts. Instead, the system offers rates up to 60% lower than several big-name banks, including Bank of America, Chase, and Clover. Lower fees mean more revenue for owners to keep.

Keeping Up With Today’s Necessity for Speed

Today, companies and consumers alike expect quality service done quickly, an expectation sometimes restricted by sluggish response times from many payment systems. 

As such, Lopay makes it a point to provide business owners instant access to funds, including weekends and holidays, a stark improvement to the 1–3 business days most competitors offer. This kind of accessibility matters because even slight delays in cash flow can stall businesses, stunt growth, and cause unneeded stress in an already stressful environment.

Practical Tools for Practical Needs

Unlike some payment platforms, Lopay was designed specifically for businesses. This approach is evident in the system’s robust array of tools, which include integrations with Xero and QuickBooks, free POS software, and built-in inventory tools.

The platform also features robust fraud protection, multi-user permissions, and AML and PCI standards compliance. These tools help ensure Lopay grows alongside the merchant, even as it develops from a single pop-up location to multiple locales.

Keeping Pace With the Future

Lopay’s founder and CEO, Richard Carter, has made it a point for the company to anticipate advancements in payment technology rather than trail behind it. To keep small businesses from being left behind by high-fee networks and outdated hardware, Lopay is shifting toward instant settlement, account-to-account transactions, and adoption of a broader range of payment options to maintain flexibility and adaptability at a time when companies need these qualities most.

Growing in Popularity

Despite its relatively young age, only three years since its inception in 2022, Lopay has already reached a user population of over 50,000 merchants. The service maintains a 4.9-star app rating online, suggesting a strong sense of customer trust and satisfaction.

Many small businesses, from barbers to pet groomers to market traders and much more, are already benefitting from Lopay’s no-nonsense business model. 

As CEO Richard Carter states, “Thanks to feedback from these early customers, we’ve grown, and will continue to grow, into the go-to solution for business owners, sole traders, entrepreneurs, and side hustlers looking for a cheaper, fairer, more flexible way to manage their money.”