Merchant FAQ
Will I be charged a fee when my customers pay with Backyard?
We charge your business a 1.5% fee when customers pay with Backyard. This is significantly lower than the ~3% fee payment processors charge, and it helps us cover our costs. Currently, we are offering 0% transaction fees for your first month. Meet with our owner to learn more.
How can Backyard offer lower transaction fees than POS providers?
It’s pretty simple. We have lower costs than large tech companies, because we use ACH bank transfers, which are less expensive than credit card payment processing. Then, we pass those savings on to you.
Are Backyard payments secure?
Yes. We use multi-factor authentication to ensure customers authorize each transaction right at the time of purchase. Traditional payment processors offload this responsibility to a series of credit card networks, issuing banks, and payment gateways.
What is the processing time for Backyard payments?
Backyard payments process the next calendar day, at which point U.S. Dollars are sent to your bank.
Generally, we see funds available in your account in 1-2 business days depending on your financial institution.
How is Backyard different from a traditional loyalty program?
Backyard returns more profit per sale to your local business than most traditional points programs and stamp cards. By joining forces with other merchants in your community, you can share the cost of rewarding customer loyalty while also delivering faster payoffs.
And with Backyard, the cost of redemption is spread evenly across all sales, so you don’t have to worry about the effect a promotion will have on your bottom line.
How does Backyard Capital compare to other small business loans?
Backyard Capital strives to combine the low cost of bank loans with the speed and convenience of loans from online lenders.
We plan to target loans between $2,500 and $50,000, which can be hard to find at existing lenders.
Please meet with our owner to learn more and find out when Backyard Capital will be available in your neighborhood.
How long is the Backyard Capital loan approval process?
We’re early stages, and timing is something we’re still figuring out. Our goal is to provide loan decisions in days, not months.
What are the requirements to apply for a Backyard Capital loan?
Our goal is to make Backyard Capital available to all small businesses using Backyard.
The longer your business uses Backyard, the better we’ll be able to understand your operation and offer you a competitively-priced loan.
Can I apply for Backyard Capital if my credit score is below 600?
Yes. We plan to base our loan decisions primarily on your history as a Backyard customer, because we think the support of your neighbors is the best indicator of your success.
Local FAQ
How do I earn cash back on Backyard?
Sign up for a Backyard account, then simply provide your phone number when you shop at local businesses in your neighborhood. You’ll receive 1% - 5% cash back on every purchase you make.
How do I check my Backyard balance?
You can use the Backyard web app to check your balance, earn & spend, load more Backyard Cash, and view your local impact. Sign up for free!
How do I pay for goods and services with Backyard?
Just let a local business know you’d like to pay with Backyard instead of a credit card. They’ll ask you for your phone number, then we’ll send you a text message to authorize the purchase.
How much is $1 of Backyard Cash worth?
$1 Backyard Cash = $1.
My balance is low. How do I load more money on Backyard?
Just tap the Load Cash button in the Backyard web app.
Loading cash is a lot like putting money on a gift card or Venmo account, only this “gift card” works just like regular cash or credit at any participating local business in your neighborhood!
How does paying with Backyard help local businesses?
Local businesses love it when you pay with Backyard, because more of each sale goes directly to the business instead of payment processors, banks, and credit card companies.
Small businesses can use the extra money to pay employees, cover rent, purchase inventory, and grow.
Plus, when you pay with Backyard and earn cash back, you’re incentivized to keep your money in the neighborhood!
What are the investment returns for Backyard Capital?
Your investment returns can vary based on risk of investment and the maturity you choose (3-12 months).
Sign up for Backyard to learn more and find out if Backyard Capital is available in your neighborhood.