Rapyd, a global Fintech as a Service company, announced that it will be waiving foreign exchange and processing fees on the first US$100,000 in total processing volume for new businesses in the U.S., Brazil, and Mexico that use the platform. Rapyd is helping to support businesses by reducing costs, which will allow them to pass on the savings to their end beneficiaries who have been significantly impacted by the COVID-19 pandemic.
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The Rapyd Social Responsibility initiative is available until June 30th for businesses onboarding the Rapyd platform and who will commit to passing on the fee savings to end-users during their first three months of processing payments. Rapyd hopes the program will provide enough relief for struggling end beneficiaries including independent professionals, consumers receiving loans, health insurance reimbursements, among other use cases.
In addition to helping consumers, the program enables gig economy, marketplaces, platform economies, and other businesses to digitize their payment infrastructures quickly – a critical strategy that is emerging as the COVID-19 pandemic evolves by:
- Allowing businesses to go cashless quickly
- Expanding disburse payment methods that they can offer to their end-users
- Helping businesses become more resilient and adaptable to dramatically changing payment behaviors
- Enabling payouts in over 100+ countries and in 65+ currencies
