CloudPay is a payment processing program in northern California that acts much like any other mobile payment system on the market.
When a customer makes a credit card purchase, the retailer has to pay a processing fee. But with CloudPay, the majority of this fee goes to the charity of the customer's choice, rather than to Visa, MasterCard, American Express or Discover.
Shoppers who sign up for CloudPay simply have to register for an account, giving their card details and their charity of choice. When they go to a participating store or restaurant, they can tell the cashier they're paying with CloudPay. The processor then runs the transaction as normal and charges a 3% fee to the merchant. All of that money goes to the customer's selected charity.
There is an additional 10 cent charge per transaction with CloudPay, but that is the only money the company keeps.
If you are a northern California merchant paying at least 3% processing fees on your credit card transactions, offering CloudPay could be a great way for you to help local nonprofits.
"Ninety percent of what I buy is local. That's what it's all about--supporting each other. I use a local credit card company but that percentage goes for handling my credit cards. I'd rather have it go to local organizations in the community to help those in need," cafe owner Claire Palazzo told the San Jose Mercury News.