Whether you tap, swipe, or insert your credit card, paying for almost anything has never been easier. The added convenience is especially beneficial to transit agencies that have long struggled with delayed boarding time due to fare ticket malfunction or cash collection. But the convenience of a seamless customer card transaction doesn’t always translate into backend cost-efficiency for the business.

Hidden transaction fees and the heavy administrative load of managing multiple payment processing vendors make it hard to manage expenses and resources. Retail payment processing solutions don’t always understand your unique transit challenges either. Sound familiar? If so, GenPay may be how you keep Gen-Z customers happy with quick, convenient payment options and your non-Gen-Z riders confident that their data stays secure.

What is GenPay?

GenPay is a payment processing solution that allows transit agencies to accept bank card payments on the bus and at any online or retail sales channel. Like retail payment processing, GenPay validates electronic payments, collects funds from issuing banks, and deposits them in your agency’s bank account.

But what sets GenPay apart from other vendors is how it addresses a transit agency’s unique needs. We’ve reimagined the payment processing workflow by consolidating steps in the process to accommodate both agency and customer priorities, such as:

Frequent micropayments

This payment behavior is standard for fare collection in public transportation. While many customers buy period passes (e.g. monthly bus passes), not everyone can afford the upfront cost and will pay per ride instead.

Pressure to board passengers quickly

Every rider has somewhere they need to be, and a transit agency’s focus is to get them there on time, every time. To operate a reliable transit system, you need efficient fare collection methods that support quick and easy boarding time–and payment processing that supports your business.

What are the advantages of using GenPay?

Fare collection is moving towards a cashless future. As more riders shift to credit or bank card payments, the need to keep down the cost of processing these transactions will take center stage. Integrating with a payment processing solution that can adapt to the changing demands of your business can save you time and money and build trust with customers.

GenPay helps you achieve optimal operations with a simple and fair pricing structure that promotes the following:

Adaptability

Our solution is priced as a flat fee based on average ridership volume plus a fixed percentage of the amount per transaction. This charge covers both third-party fees and Genfare’s markup. A fee customized to your average ridership volume means your payment processing costs will be proportional to the current size of your business.

Transparency

You won’t incur hidden fees or have any pricing tiers to reach with GenPay. But other payment processing vendors may additionally charge for:

  • 3rd party fees
  • Annual licensing
  • Transaction markups
  • Minimum annual fees
  • Add-on services
  • Fee per transaction (higher than GenPay)

It’s common for other vendors to outsource to multiple third-party partners to process your transactions. In this scenario, you would be subject to another fee per transaction (e.g. interchange, assessment, payment brand, or gateway acquirer fees) from those third-party partners that are on top of their baseline fees and higher than GenPay’s transaction fees. These charge amounts vary by card company and issuing bank, making it harder for your agency to manage expenses.

Leveraging GenPay’s single-vendor payment processing means funds are directly deposited into your bank account and available immediately. Our transparent pricing and fixed transaction fees help to reduce expense variability. Your GenPay data is also available in the Genfare Link reporting dashboard, where you can easily access all transaction history and insights for goal planning.

Data security

We often take the ease and confidence in paying with a bank or credit card for granted. But behind the scenes, safeguarding private customer data is a responsibility Genfare has prioritized through tokenization and Payment Card Industry (PCI) and End to End Certification (Level –3) certifications. This certification protects all customer credit card and cardholder data against breaches and unauthorized access. Tokenization additionally ensures that all credit card data is anonymized and for the bank’s eyes only.

GenPay’s PCI compliance certification has been a substantial yet priceless financial and time investment. But when it comes to data security, you can’t put a price on peace of mind.

Time

Imagine having to coordinate multiple vendor processes, billing, and contacts to complete the same task (think new vendor set up, tech integration, accounting, etc.). That’s precisely what many transit agencies have to do because payment processing vendors commonly specialize only in a particular type of fare collection, like mobile ticketing or vending equipment. Agencies offering a suite of payment fare channels would then need to contract with multiple payment processors to accommodate each of their payment types when those resources could be better used to serve higher-impact initiatives for the agencies.

GenPay reduces this administrative burden by existing as a single-vendor solution that supports various fare collection channels, including (but not limited to):

Set up, integration, billing, and customer support is through one system and workflow, with fewer people to coordinate it all.

A holistic solution for the modern transit agency

Public transit systems have the challenging task of catering to diverse community needs. With GenPay as your payment processing solution, you can achieve what often feels like the impossible: customer satisfaction for all community members and growth for your business, all while keeping in step with industry trends. Explore how GenPay can help you serve your community and business. 

Learn more about GenPay