MagicPay Review

• MagicPay’s Processing Services
  • In-Person Payments
  • Online and Over-the-Phone Payments
• What is High Risk Payment Processing?
• Equipment
• Partnerships
• MagicPay Rates and Fees
  • Brick and Mortar Retailers
  • Online and Over the Phone
  • Mobile Processing
  • High Risk Rates
• MagicPay Reviews

MagicPay’s Processing Services

You can accept major credit and debit cards through countertop credit card machines, POS systems, mobile devices, or online. The company offers this introduction video:

In-Person Payments

For accepting payments in person, you can use a countertop terminal, full POS system, or mobile device with a card reader and the option to capture signatures on screen. Each method offers secure payment processing and allows you to provide customers with a receipt.

Online and Over-the-Phone Payments

MagicPay offers options for online and phone payments. If you’re running an ecommerce website, you can use MagicPay’s gateway to securely accept cards. A free shopping cart is included, and you’ll have the ability to set up recurring billing, if needed. You can also integrate with QuickBooks.

If you accept payments over the phone, MagicPay’s virtual terminal solution allows you to take card information and enter it into a secure online portal for processing.

What is High Risk Payment Processing?

High risk payment processing is a designation given to particular industries that are likely to be riskier for a merchant processor. Reasons for the high risk classification include higher than normal chargebacks, selling age-restricted items, and selling items that are carefully regulated.

Businesses classed as high risk are not “bad” businesses. It just means that the business will need to work with a high risk specific processor in order to get a merchant account for accepting credit cards.

Some industries that are generally considered high risk include:

• Travel
• Adult Entertainment
• Vaping / E-Cigarettes
• Debt Consolidation
• Online Gambling
• Firearms
• Tech Support

This list doesn’t include all possible high risk industries. Processors will determine if your business is considered high risk according to their own internal company policies as well as any requirements from their partner banks.

Read more about high risk merchant accounts.

Equipment

MagicPay supports equipment from multiple manufacturers, including Verifone, Hypercom, and Nurit. Some businesses may be eligible for a free credit card machine. If you prefer a POS system, you can utilize the uAccept cloud-based POS or the Groovv POS. The uAccept POS system adds $39/month in software fees and $15/month in merchant account fees. If you want to add another station, it’s $20/month/station.

MagicPay sells POS equipment and machines. POS systems start at $600, with optional accessories at additional costs. The Groovv POS is free for eligible businesses, though you’ll still have to pay transaction costs.

For gateways for online transactions, MagicPay supports both Authorize.Net and NMI.

MagicPay Partnerships

For high risk processing, the provider you work with may place you with one of several possible partners to handle your transactions.

MagicPay works with multiple processors, including First Data, TSYS, Global Payments, and more. If you’re looking to accept high-risk transactions online, the company can set you up with popular gateways including Authorize.Net, eProcessing Network, the NMI gateway, or USAePay.

MagicPay Rates and Fees

MagicPay offers both interchange plus pricing (a model where you’ll pay the actual costs of interchange and assessments, plus a markup to MagicPay) and tiered pricing. The company offers a chart showing common interchange rates, but your specific interchange costs may be different.

Interchange plus is much more transparent than tiered pricing.

Brick and Mortar Retailers

Brick and mortar retailers have a choice of three plans, depending on the equipment you’d like to use. As you can see from the screenshot below, all three retail options come with no annual fee or setup fee. Gift card programs (should you choose to implement one) have no additional fee with MagicPay through the POS option, but will cost you an additional $15/month with either of the countertop credit card machine solutions.  

If you’d like to use a PC- or tablet-based POS system, you’ll pay $10/month as well as 0.50% + 5 cents per transaction over interchange.

Using a basic countertop terminal, you’ll pay $20/month as well as 0.50% + 5 cents per transaction over interchange.

If you choose a wireless terminal, you’ll pay $30/month as well as 0.50% + 10 cents per transaction over interchange.

The tiered pricing uses 4 “tiers” – swiped qualified cards, swiped mid-qualified cards, keyed qualified or mid-qualified cards, and non-qualified cards that are swiped or keyed. Keep in mind that MagicPay determines qualification, and it can change at any time. Qualified and non-qualified cards are not determined by the banks or card brands. The tiered rates are as follows:

• Swiped qualified: 1.69% + $0.20
• Swiped mid-qualified: 2.39% + $0.20
• Keyed qualified or mid-qualified: 3.49% + $0.20
• Non-qualified keyed or swiped: 3.49% + $0.20

Pricing subject to change. For the most accurate, up-to-date information, be sure to request a quote from MagicPay through your CardFellow account. Don’t have an account yet? It’s free, private, and no obligation. Sign up today to easily compare credit card processing companies.

Online and Over the Phone

There are two payment plan options for online and over-the-phone payments: VirtualPay and VirtualPay Pro.

As you can see from the chart above, VirtualPay will cost you $15/month with a rate of 2.20% + $0.30 per transaction. VirtualPay Pro will run you $30/month with a rate of 0.75% plus interchange + $0.20 per transaction.

If you need electronic invoicing options or a card storage vault for recurring billing, those features are included with Pro but cost an additional $10/month with VirtualPay.

Mobile Processing

For accepting cards using your smartphone, MagicPay offers the SwitchPay app as a “Starter” plan or a “Premier” plan. The company suggests the Starter plan for businesses processing under $3,000/month. There’s no annual fee, and you’ll pay rates of 1.5% plus interchange.

The Premier plan costs $20/month along with 0.5% plus interchange and a 5 cent per-transaction fee.

High Risk Rates and Fees

The majority of processors set pricing individually for each client, and that’s especially true in high risk processing. Unfortunately, it also means that MagicPay (and most processors that support high risk) don’t publish many details about pricing.

You’ll need to request a quote to get exact pricing for your business based on the details you provide.

MagicPay Reviews

There aren’t a lot of reviews on independent sites across the internet, but MagicPay does have multiple reviews on its Facebook page. The company has a 4.9 out of 5 star rating, with the majority giving the company 5 stars. However, at least one of the review is from a person that lists MagicPay as their employer. Many of the 5-star reviews don’t provide text commentary

The reviewers that do provide text commentary praise MagicPay for excellent service and state they’re glad they signed up.

Have you used MagicPay? What did you think? Leave a review!