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A New Era for Credit Card Processing Rates and a Reality for PPA Photographers

BOA-email graphic_v2.jpgBuckle up for some big news everyone: PPA has joined forces with Bank of America to offer what is potentially your most money-saving benefit yet. Get ready to be even more profitable!

This new benefit means massively discounted rates on credit card processing for all PPA photographers. If you sell prints online, accept credit card payments at your studio or process mobile transactions, this could mean huge, tangible, cost-of-doing-business savings.

Now, you're probably thinking, Sounds good, but how does it save me money?

Here's the breakdown:  PPA is able to offer these deeply discounted rates because we use Bank of America (BOA) Merchant Services too! Like, a lot (several thousand transactions each month). Since there are 27,000+ PPA photographers and most of you renew each year, Bank of America agreed to extend our volume discount to all of you.

That's right, this means that PPA photographers will be able to get the same low credit card transaction processing rate that's normally reserved to very-large size businesses! That's the benefit you reap from belonging to the world's largest photography nonprofit!

That incredibly low rate should help you save a good bit by reducing the so-called interchange fees you end up paying anytime you use a credit card processing service. These are the pesky fees you pay to a bank when you accept a credit card payment.

Bank of America's reduced pricing for PPA photographers puts your interchange rate (if you make the switch ;-) at a crazy low 0.07 percent with a flat hard-to-beat $0.07 per transaction fee. It's easy to do the math and figure out you've got big savings headed your way.

At the end of the day, photographers always end up eating the cost of these pesky fees. With that in mind, and to give you an example of just how much cash savings this can represent, we asked two PPA photographers to send us a month's credit card processing statement with their current service provider. Kelly Sullivan, the point of contact for all PPA-related business at Bank of America, then plugged the numbers in and the comparative results blew us away.

The first photographer's previous merchant charged a converted interchange rate of 0.73%. With the new PPA discounted rate of 0.07% (see the difference?), that studio shaves off about $2,500 per year in credit card processing fees. That alone would pay for your PPA membership for the next 7 consecutive years! (or some new gear, I know, I know...)

"This first studio is on tiered pricing for their credit card transaction fees and their pricing structure is interchange plus, so the savings is going to be approximate and not exact. With that said, our [BOA] pricing model is showing that if this studio was on the new PPA program, they would save $2,500 per year (based on their current credit card transaction volume). For this PPA member, that amount represents 3 months of free credit card processing services!"

The second PPA photographer would save even more: $3,000!

"This Square* user would save about $3,000 per year with the new PPA discount. Since Square charges 2.75% for all card types, no matter what interchange level they fall to, BOA's discount will represent significant savings to any photography studio that uses Square. To give you an idea, the wholesale cost of a regulated debit card is 0.05% and $0.22 per transaction. Since PPA's preferred pricing is interchange plus 0.07% and $0.07, we would charge 0.12% and $0.29 on this same transaction. Take, for example, an average sale of $500. With Square, that would cost $13.75 (or 2.75%). With the BOA PPA discount, the photographer would only play $0.89 on that same transaction. That's a difference of $12.86 on this one example alone!"

[* - For those unfamiliar, Square is a popular, easy-to-use credit card processor, but they charge a very high 2.75% processing rate.]

These aren't shrug-your-shoulder savings, this is big time. We hope you'll consider learning more about the program and checking out how much money you could save. Kelly Sullivan at Bank of America is offering free statement comparisons. That 0.07 rate plus $0.07 per transaction is so hard to beat; they will most likely save you a large about of cash each month.

Connect with Kelly at BOA at (678) 540-7558 or kelly.sullivan@bankofamericamerchant.com
Be more business savvy!

For even more reasons to get in on this new service, head to PPA.com/BAMS, or jump on in and make the switch now!

And if all that sounds too good to be true, ask your credit card company to match that rate and see what they say. Trust us, it's not. It's your newest PPA member benefit. We've told you before and we won't stop: PPA has your back.

Sometimes when you're out photographing, the unexpected happens. Hopefully, it's usually a
good surprise, like catching a perfect moment during a wedding totally unplanned or posed. However, we know that there are also surprises that you don't want to happen--like equipment breaking during a photo shoot! 

Replacing broken equipment isn't always economically feasible, and equipment insurance can also be expensive. So where do you turn?

Luckily, PPA members (U.S. and Puerto Rico-based Professional Active or Life members) can get up to $15,000 of equipment coverage paid for by PPA. You read that right--it's all included with your membership fee and you pay no additional premium to receive this coverage. Sounds pretty sweet, right?

PhotoCare Equipment Insurance will cover loss of equipment due to fire, theft or breakage. There's only one thing you have to do to be covered! Log in to PPA.com and visit the MyPPA section. If you're eligible, you'll see "Your current PhotoCare equipment insurance status" with a "Activate my PhotoCare" link to click. Once you've opted in, you're covered! 


Do it today! You'll be thanking yourself for opting in if you end up with a broken camera, broken lens or other broken equipment at a photo shoot. PPA is proud to offer this program so that you can be more and continue to do what you love even if the unexpected happens! 

Questions? You can read up on all the PhotoCare details and FAQs. Or, contact our customer service department at 800-786-6277 and they'll answer any questions you have. You can also check out tips for protecting your equipment on the PPA Today blog.

So, opt in now  (right now--we'll wait)... so you're not caught by surprise and left with a sore wallet if you suffer broken photography equipment or loss due to theft or fire. 

Not a PPA member? Join today to get access to PhotoCare Equipment Insurance. 


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