Why Fourside Solutions + Platinum Payments Is a Smarter Payment Processing Partnership for Self-Storage Operators

For a self-storage operator, accepting a payment online looks simple: a tenant enters a credit card, clicks Pay, and the transaction is complete. Behind that click, however, is an entire payment ecosystem responsible for securely transmitting card information, authorizing the transaction, processing the payment and ultimately depositing the money into the storage operator’s bank account.

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Fourside Solutions has partnered with Platinum Payments to offer self-storage operators a payment-processing relationship designed specifically around the economics of the storage industry. Through the Fourside relationship, Platinum Payments offers processing rates that typically range from approximately 2.25% to 2.50%, depending on the merchant account and transaction profile. Compare that with common standard online processing rates around 2.9% plus a per-transaction fee. This difference can become substantial—particularly for an industry collecting recurring rent from hundreds or thousands of customers every month.

What Does a Payment Processor Actually Do?

When a tenant rents a unit or pays a monthly storage bill online, several systems work together behind the scenes. The transaction generally looks something like the following with each playing a unique role:

Tenant → Fourside Website → Payment Gateway → Payment Processor / Card Network → Customer’s Bank → Merchant Account → Storage Operator’s Bank Account

• Fourside Solutions provides the customer-facing ecommerce and property-management experience that allows customers to rent units, make payments and manage accounts.
• The payment gateway (like Authorize.net and Elavon Converge) securely transmits payment information from the website into the banking system.
• The payment processor and merchant-services provider provide the financial infrastructure necessary to process those transactions.
• The merchant account enables the storage business to accept credit and debit card payments and ultimately receive those funds in its business checking account.

Why Fourside Chose Platinum Payments

Instead of asking every storage operator to independently shop for payment processing, establish a merchant account, negotiate rates and figure out how to integrate it with their management software, Fourside and Platinum have streamlined the entire process. More importantly, the relationship gives Fourside customers access to payment-processing rates designed with the storage industry in mind.

• Platinum processing rates are approximately 2.25% and 2.50%, subject to the individual merchant agreement.
• Popular online payment solutions publish processing rates around 2.9% plus a per-transaction charge.

Though a fraction of a percentage point might not initially sound significant, consider the difference when applied to recurring storage revenue. The table compares percentage-based processing costs only. Actual merchant costs can vary based on card mix, transaction type, per-transaction charges, gateway fees and the individual merchant agreement.

Platinum vs. Standard Stripe Pricing

Stripe is an excellent and widely used ecommerce payment platform. Its appeal includes simple implementation, powerful developer tools and straightforward published pricing. But straightforward doesn’t necessarily mean least expensive for every business. Stripe’s standard published U.S. online card pricing is 2.9% + 30¢ per successful domestic card transaction. For a startup processing relatively few transactions, that simplicity can be attractive. A mature self-storage operator, however, may process hundreds of thousands—or millions—of dollars in recurring card transactions annually. At that point, negotiating a merchant-processing relationship designed around the business’s actual transaction volume can potentially make considerably more financial sense than simply accepting a standard ecommerce rate.

More Than Just a Lower Rate

Price matters, but Fourside’s decision to work with Platinum isn’t based solely on processing percentages. The partnership also addresses several common frustrations businesses encounter with merchant-services providers.

• No Margin Increases From Platinum: One of Platinum’s most important commitments is that it will not increase its own processing margin after establishing the merchant relationship. That matters because a low introductory rate isn’t particularly valuable if the processor gradually increases its margin over time. For a storage operator expecting to process payments for years, rate stability can be almost as important as the starting rate.
• No Termination Fees: Platinum does not impose a Platinum termination fee if an operator decides to leave. Rather than using a financial penalty to retain merchants, the philosophy is to retain customers through competitive pricing and service.
• No Term-Based Agreements: Operators also aren’t required by Platinum to enter a long-term term-based agreement simply to obtain the processing relationship. That gives owners greater flexibility as their businesses and technology requirements change.
• 24/7/365 Customer Support: Payment processing isn’t an optional system for a storage operator. When customers can’t make payments, the problem directly affects revenue. Platinum provides customer support 24 hours a day, 365 days a year, with a stated goal of keeping hold times to 30 seconds or less. That access to human support can be especially valuable compared with payment environments in which operators are primarily directed toward online documentation, tickets or generalized support channels.
• Professional Payment Consultants: Platinum consultants receive ongoing training designed to help them understand merchant requirements and recommend appropriate payment solutions. For Fourside operators, that creates another layer of expertise alongside the Fourside team rather than leaving the facility owner to troubleshoot the payment ecosystem alone.

Get Started witha Simple Setup

Fourside and Platinum have also designed onboarding to minimize the work required from the storage operator. Customers can begin by completing the online form at FoursideSolutions.com and then completing the Platinum Payments merchant application. Most accounts can be established within approximately 48 hours, after which Fourside receives the necessary gateway credentials and completes the connection to the Fourside platform.

Better payment processing isn’t just about accepting payments. It’s about keeping more of every dollar your storage business earns.

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