Do you or one of your clients operate a supermarket? Is so, there are a few things you should know that could result in some significant savings on merchant account fees. Here is the list:
1. Visa has lower Interchange rates for consumer cards used at a supermarket:
TRANACTION TYPE
RETAIL
SUPERMARKET
Swiped Consumer Card
1.54% + $.10
1.24% + [...]
Accept Pin Debit
This means having a pin pad for your clients to enter their PIN number when they use their debit card. These transactions normally have a flat rate per transaction. Let’s compare the fees paid between a normal credit card transaction and a PIN-based one:
Transaction Amount: $150
Credit card rate: 1.85% + $.10
Credit [...]
I am reviewed three merchant account statements today and they all have one thing in common – these businesses are not receiving a reduction in rate when a customer uses a debit card. On one statement there is no debit card activity noted at all. So just in case you have not heard [...]
