The solution aims to reshape everyday transactions by lowering payment processing costs for merchants while offering a simple, reward-driven experience for consumers.
In recent years, everyday spend merchants have been significantly impacted by shrinking margins and steadily increasing payment processing fees, which have more than doubled over the past decade. Spire’s new platform directly addresses this challenge by routing payments through the Discover Network, allowing merchants to bypass traditional credit and debit card networks that charge high fees.
Pay with Spire supports card-present, card-not-present, in-app, and online transactions, providing merchants with a flexible and unified solution across all payment channels. The platform enables ACH transactions to be initiated directly from consumer bank accounts, combining the familiarity of traditional card payments with significantly lower costs.
By using Pay with Spire, merchants can lower their transaction costs by up to 90% compared to credit card fees. The platform replaces the typical 2.5% fee on credit cards and 1.7% on regulated debit cards with a flat per-transaction fee. Additionally, the platform improves conversion rates by integrating into existing checkout flows without requiring front- or back-end system changes.
Cost savings can be reinvested into customer reward programmes, encouraging loyalty and repeat business. The platform’s high approval rate also helps merchants maximise revenue capture at checkout.
For consumers, Pay with Spire offers a frictionless checkout experience that mirrors credit card convenience without the associated interest or debt accumulation. Payments are made directly from bank accounts, and users benefit from rewards programmes that provide points, discounts, or other incentives.
The platform supports omnichannel usage without requiring consumers to learn a new payment method. With its familiar interface and no need for new apps or behaviours, Pay with Spire reduces barriers to adoption.
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