Lynk, a startup that helps merchants create customer loyalty programs and reduce transaction fees, has raised $3 million in seed funding from investors that include Samsung Next, Plug and Play, Tribe Capital, Simplex Trading, and N49P, the company tells Axios.

Why it matters: Merchants are always looking for ways to lower transaction fees, and Lynk’s platform does just that.

How it works: Lynk built a closed-loop payments platform that enables companies to collect payments and launch loyalty programs, while skirting high credit card processing fees.

Between the lines: By transitioning customers to lower-cost ACH transfers, merchants can cut down on credit-card processing fees by as much as 90%, Awada says.