MagicPay is a payment processor based in the city of Boca Raton in Florida. They are very new on the scene, having only been founded in 2012. Understandably it is still a very small company and has less than 10 employees in total.
Despite being a new company, MagicPay offers mobile and eCommerce processing, as well as traditional merchant accounts for retail stores.
|Reviewed by Expert Market:||02/15/2016|
Contract Type: There are no early termination fees when you sign-up with MagicPay. Clients can close their accounts at any time with no penalty.
Activation and Setup: It’s very easy to setup MagicPay to accept credit card payments for your business. Accounts are typically approved in 24-48 hours, so you won’t have to wait long to get started.
Virtual Terminal & eCommerce Prices
VirtualPay (light account with fewer features):
- Monthly Fee: $15
- Discount Rate: 2.20%
- Transaction Fee: $0.30
- Optional extras: Electronic invoicing ($10) customer card vault ($10)
- Monthly Fee: $30
- Discount Rate: 0.75% + Interchange plus
- Transaction Fee: $0.20
- Electronic invoicing and Customer card vault included for free, along with other features.
MagicPay is such a new company that there is very little information available. On the surface everything looks good. The rates and fees they charge are good value, although the monthly account fee for the pro account is perhaps priced a little too high.
The few people we have spoken to who use MagicPay seem very happy with the standard. It appears their sales and account representatives are all very knowledgeable about the processing industry, and will not try and sell you features that you do not really need.
However, before we can give MagicPay the high score it looks like they may deserve we need to speak to more of their current clients. Everything looks good, so we recommend you at least get in touch with them to learn more about the options they can offer you. But as always make sure you compare a few quotes to get the best deal for your business.