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New Noca payment processing offers low transaction fees

by Heather Wood on Feb 9, 2009 at 11:33 AM

When you buy a product online, you’ll have typically two options to pay, either through Paypal or entering your credit card information.  With these methods, you will have to pay out a processing fee to the companies, a charge that typically averages about 3 to 4 percent of the transaction rate.  However, with the new Noca online payment processing site, users will only have to pay .25 percent to use the service.

Typically, these fees are paid by the sell, who adds them into the sales price.  The result is higher prices to cover these fees.

With Noca, you won’t have to use your credit card in order to make payments. Instead, the money you use to pay for merchandise will be directly deducted from your checking account.  The system also has various security features in order to protect their clients’ information.  Each transaction is encrypted and the online merchant will not have access to your checking account information.

Noca only has a few merchants working with the system presently, but expects to grow over the next several months.  Merchants can sign up on the site to accept payments through Noca.  Could we be witnessing a change to different prices for goods based on payment methods as is done for gas in some states?