By using the power of the Joshua Mechanism, the Almost Free Processing Program will allow merchants to accept electronic payments at a reduced price, if not completely fee free. By using the concept as prescribed, merchants can leverage their processing dollars in a way that will not only eliminate their processing fees, but create a catalyst to move consumers back to their business through deeply discounted incentives.
HOW THE SYSTEM WORKS
Merchant completes an electronic payment transaction
Merchant’s terminal transmits transaction to the virtual gift certificate system (VGC)
Virtual gift certificates created in an amount proportional to the merchant’s processing fees
Customer purchases VGC and Merchant receives rebate from customer’s payment equal to their original processing costs
Customer receives VGC value onto their consumer card or by printable certificate
Customer presents gift certificates to Merchants
Merchant validates Gift Certificate or swipes consumer card to process transaction
Customer receives the product or services paid for with the Gift Certificate
Merchant will process an additional transaction for any remaining amount owed by customer and the process begins again
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