What does it do?
Neotill lets you accept any amount of money from anyone with a creditcard
How do I use it?
Neotill will work on anything with a browser. Apple, Android, Tablet, Phone, Tellytubby, doesn’t matter. Punch in the amount, the credit card details and hit confirm. Their money becomes your money, everyone’s happy.
What does it cost?
2.4% plus 35c on every transaction. $50 transaction? 2.4% of $50 + 35c = $1.55. Customer loses $50, we get $1.55, you get $48.45, done.
Don’t want to lose that $1.55? Neotill can do the math to automatically pass it onto your customer. Easy.
See our Pricing FAQ’s section for more details
How secure is it?
Very. Anyone handling credit cards has to be PCI Compliant. Neotill meets the same security standards as any bank or payment processing facility. For more details on how we do this, read our Security FAQ.
How do I get started?
If you stick the kettle on now, you can be processing payments by the time you’re drinking tea.
- Download Neotill from your mobile app store or head on over to our website
- Enter your email address
- Think up a password that’s at least 8 characters with upper and lower case letters
- Mash that signup button
We’ll need more details to be able to send you your money, as detailed in the Set Up Neoill FAQs, but you can play around with the app and start charging customers left right and center without anything further.
What is credit card fraud?
Money flows from Customer to Merchant in a credit card transaction like so:
- Merchant asks Neotill to take money from Customer.
- Neotill takes the money from the Customer’s bank.
- Money moves into the Neotills account, where they hold it in trust for a small time
- Neotill gives the money to the Merchant
Credit card fraud is any situation where the Customer did not authorise the Merchant to take their money. Whether it’s credit cards pilfered from letterboxes, or a scammer pushing snake oil, Neotill can’t know if the transaction is legitimate or not. We just move the money at the request of our merchants.
Setting up FAQ’s
What should I provide after signup?
To provide us with additional information about your and your business, go to “Dashboard” in the app and hit the tab with the silhouette of a person.
You don’t have to give us these details to process payments, but you may want to get around to it for the following reasons.
- We need your bank account details to send you your money
- If there are problems with your payments, we want call rather than email
- The better we know you, the lower we can reduce your settlement period, and better we sleep at night knowing you’re not a fraudster
What if I run into problems getting up and running?
We’re more than happy to help you with with any problems or questions you have.
- Have an idea for a feature you’d like to see in the app?
- How sure how something works?
- Just want to get to know your payment processor better?
Just give us a ring on 1300 780 660.
Why do you want all these personal details?
Some of the information we ask for is due to practical reasons. Bank account details to send you your money, your phone number to contact you ect.
Much of it however, we use to be able to increase the degree we can trust you. Providing credit card facility is in the end largely a matter of trust, as whoever is actually moving the money is responsible for covering any fraud done. All the trust building information we collect is used in the rare case someone uses the app for fraud.
Why can't I get my money straight away?
As a fraud prevention measure there is a 2-7 day delay (depending how much information you’ve given us and how long you’ve been transacting) before the money from a transaction lands in your bank account. This is to give the customer an opportunity to raise the alarm if the transaction was fraudulent, as once we give you the money, it’s out of our hands. We make no money holding these funds, it is a fraud prevention measure only.
So no monthly fees?
That’s right! There are absolutely no fees for using the app other then the small percentage on each transaction. You could have it in your pocket for months and it will cost you nothing.
Are there Pro features I have to pay for?
No we don’t. Everything and anything we mention as a feature is included for free as part of the streamlined Neotill service. If you share your account with a colleague or friend, they will have limited access to your settings. Other than that it’s all yours. We are constantly innovating new features and awesome updates which will come through with your free updates.
Why charge a percentage, rather than a flat rate?
Primarily, the reason we charge in percentage is because we are charged in percentage by banks to move the money. In all likely hood the reason they charge a percentage is because it’s a pricing structure that scales (which is where the big money is), but there’s also the case to be made that each dollar moved is a risk, and the more dollars moved, the higher risk. We move $100, we risk losing $100, move $1000, we risk $1000, ect.
You say "One Price" yet you have two prices listed?
That’s right. Most banks / financial institutions will charge you different percentages depending on the variation of the card, not just it’s brand. For example, you might pay 2.9% when a customer pays you with a Visa Platinum Rewards card, opposed to say 1.5% if they paid with a standard Visa Debit card. We average out the use of these different cards to offer you a simple rate. As we all know, American Express (AMEX) have much higher processing fees than others, as a result, there is a higher fee which is standard across all variations of AMEX cards.
What happens to the fees if I refund the customer?
That’s easy! Unlike some payment processing services, we’ll automatically refund any fees you may have paid on the transaction straight back to your account, like the entire transaction never happened.
Why does the included surcharge work out to more then my surcharge percentage?
Neotill gives you the option to pass the transaction fee directly onto your customer rather than paying it yourself. As demonstrated in the following example.
You do $50 of work for Frankie, a happy customer, and he opts to pay you by creditcard. Frankie is happy to pay the surcharge that entails, so you whip out Neotill and key in a $50 charge, flicking to your options to include the surcharge. You know that with the Neotill fee of 2.4% + 35c, processing $50 is $1.55.As 2.4% of $50 = $1.2, and $1.2 + 35c = $1.55.
So you expect Neotill to pass the surcharge of $1.55 to the customer, making them pay $51.55 so you collect $50. Easy!
But hold on, Neotill is charging the customer $51.59! To understand where that extra 4c came from, you have to understand the cost of moving money around is based on the total amount of money leaving your customers bank account. Where before $50 was being moved, now $50 + the surcharge is being moved, leading to the few extra cents. If that answer satisfies you then great! If not then let’s take a trip down the rabbit hole. *WARNING, MATHS AHEAD*
Okay, so the maths for calculating a surcharge normally is pretty simple, just
surcharge = amount * 2.4% + .35
which is fine when the amount is a known flat $50 (1.55 = 50 * 2.4% + .35), but when the surcharge is included, we now have two different amounts we have to worry about. The amount the merchant wants to receive, and the amount we’re charging the merchant’s customer. So the maths becomes
surcharge (2.4%, S) = amount charged to customer (unknown, AC) – amount wanted by merchant ($50, AW)
AC = AW + cost of moving AC
Which is tricky to work our intuitively, because the final amount we want to charge the customer includes the surcharge of the final amount we want to charge the customer. Algebra (my personal hero) to the rescue!
AC = AW + (AC * S) + .35
(AC * 1) – (AC * S) = AW + .35
(1 – S)AC = AW + .35;
So with our $50 example,
(1 – 0.024)AC = $50 + $0.35
.976AC = $50.35
AC = $51.5881
AC ≈ $51.59
So our amount charged comes to $51.59, hello extra 4c!
Dispute (chargeback) FAQ’s
What is a charge back?
Good question! Charge backs occur when a customer you provided goods or services to makes a request with their bank to reverse the transaction. This is a fact of life no matter who you chose as your payments provider. Fortunately, this does not happen very often and can be avoided as long as you maintain good communication and offer a great product/service. We can submit any evidence you might have to the customers bank in the event this happens to prove that the transaction was authorized. If the bank rules in your favor no fees will be incurred. If you unfortunately lose the dispute, the original amount will be reversed from your account as well as a $25 dispute fee. It is then up to you to resolve the matter with the customer if you haven’t already.
Can anyone I charge take their money back?
Pretty much. Anyone can contact their bank to dispute a credit card transaction, and this will almost always be taken seriously. In most cases, the customer has three months to dispute a charge.
Who decides the winner of the dispute?
The banks have 100% of the power in the dispute process. They request evidence from everyone, decide who gets the disputed money, then charge us $25, if you lose, which we pass onto you. The bank’s decision is final, and in our experience, they tend to favor their customer.
What do I do if my customer disputes a charge?
If someone disputes a charge you’ve done, we will walk you through the whole process. The most important things are you submitting evidence around the transaction, and contacting your customer to try and work towards a resolution so they will withdraw the dispute.
You're holding my money and I'm pissed. Where do you live?
Very rarely, in cases where our automated systems flag a transaction as suspicious, or there has been complaints of fraud from your customers, we may have to freeze any money on it’s way from your customers bank account to your bank account. In these cases we will always contact you with advice on how to bring about a swift resolution, and in the majority of cases the funds can get moving again with in a couple of days.
What is there to protect?
Neotill handles a lot of sensitive information, namely your customer’s credit card details and your business information.
How do you protect it?
All data the application sends and receives is encrypted using Https, which is a fancy way of saying we make sure that only the application, the people we send it to can read it. We actually hand off the direct handling of the credit card data to the international transaction company Stripe, who are responsible for actually getting the credit card details to the bank and requesting the money be moved. For a more technical explanation, read on!
Okay, so as we said, Stripe is an international credit card processing company with a very good track record of security. It’s through using them that we meet pretty much all our PCI compliance obligations. The flow of credit card information looks like the following:
- The numbers are entered into a blanked field, which is stored in-memory in the app.
- A library provided by Stripe is then used by us, to send the credit card details to Stripe. So at this point, it’s Stripe’s code sending the details to Stripe.
- All this is strictly done using https
- Stripe then use that credit card information to generate a one time only use token with a set expiry time.
- We send that token to stripe, along with the payment amount, and they process the transaction.
- We clear the credit card details in memory after the transaction is finished.
So in the end, deciding whether Neotill can be trusted with credit card details really comes down to how much you and your customer trust Stripe.
What do I tell my customers if they ask about security?
Your customers are totally within their rights to be cautious anytime they take out their credit card. In fact, if we knew everyone with a credit card was asking questions whenever they handed it over, we would probably be a lot less stressed out about fraud!
We find that informing any questioning customers about PCI Compliance and the fact that Neotill is held to the same set of standards as the banks tends to alleviate any concerns. If they’re still hesitant, feel free to point them towards this FAQ page or have them give us a ring at 1300 780 660. We’ll gladly answer any questions your customer has.