We Know! Anything New Generates a Lot of Questions.
Q: Is Corduro basically the same thing as Paypal?
A: Corduro is not a payment destination like Paypal.
Paypal was created to make it easier for people to receive payments for things they sold on Ebay. The average person couldn’t take credit cards on things they sold on Ebay so Paypal was a great answer to that problem. Paypal’s solution was to be the middle man for people to make and receive payments for each other. Therefore, payments are made to Paypal and payments are received from Paypal.
Corduro on the other hand coordinates payments between people and businesses. You don’t pay Corduro, you pay another person or business directly. You can use your Paypal account to make a payment on Corduro if you wish. However, Corduro’s optimization routing system will find the cheapest way to route the transaction. Going through Paypal is not the least cost route in most cases.
This may seem subtle but it is very important especially for businesses like Walmart that benefit from least cost routing.
Q: How does Corduro make money if you’re constantly giving things away for free? In other words, what’s the catch?
A: Corduro makes money one way and only one way – processing a payment.
As the world of payments has expanded to more and more devices there has been more and more layers of middle tier players required to make a transaction move from point A to point B. Corduro took a fresh approach in building a gateway from the ground up that understands legacy payment systems, online payment systems, and the new mobile systems. Therefore, Corduro is three companies in one – they are a payment processor, they are a gateway, and they are a technology integrator.
Corduro has built some simple platforms that allow people to run certain types of businesses like Property Management. Those platforms all use the Corduro gateway so we are getting paid for the transaction.
Q: Once I become a customer, do I get “locked in” in any way?
A: The short answer is no.
Unlike many Independent Sales Organizations who sell equipment and require you to remain with them for years to pay down the “free” equipment, Corduro doesn’t require you to buy any equipment nor do we give you any equipment for “free” so there’s no long term contracts. If you are opening a merchant account then you will want to read the requirements and details.
Q: Are there hidden fees of some kind that I’m not going to immediately notice?
A: There are no hidden fees with Corduro.
That’s why they’re called hidden fees! If you noticed them right away they wouldn’t really be hidden would they? Corduro is in the business of exposing fees, not hiding them.
Q: How do you really save your clients money?
A: For most people we save them money by having lower rates, no set up fees, no monthly fees, no minimum fees, and no annual fees.
We don’t always save people money. Some big box retailers have spent the time and energy Corduro has in their own proprietary payment systems and have the clout to work with payment processors directly. In these cases, we are most valuable for consolidating payment information from disparate systems around the world and marrying it with customer information.