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% + [...]
Watch this video to learn about changes to Interchange coming in October and why, if you have a merchant account with tiers (qualified, mid-qualified and non-qualified), it is time to switch your account to an Interchange Plus price model.
Check back here in the next few days for more specifics on the coming changes to Interchange.
By John Robinson, of Cocard Synergy
For the really short answer, check out Who Gets Your Merchant Account Fees?
Here’s the plain ‘ol short answer:
Originally these fees were created to cover the cost of processing for your customer’s bank (the “issuing bank ”), and to make small profit for the bank giving you your money (the “acquiring [...]
I know a few posts ago I wrote there was no effect on your discount rate whether you enter the CVV2 code or not. That is true for Visa and MasterCard but does not appear to be the case with keyed in Discover Card transactions. I just reviewed a Discover statement for a mail order [...]
Many merchants believe that adding a cardholder’s three or four digit CVV2 code for a “card not present” (CNP) transaction will help qualify the transaction for a lower discount rate. However that is not the case; the CVV2 code is only valuable to protect against credit card fraud and has nothing to do with [...]
Have you ever wondered what kind of merchant account the rich and famous businesses of the Fortune 500 have? Just in case you have the answer is Interchange Plus .
What is Interchange Plus?
First lets start by defining Interchange . Interchange is the set discount rates from Visa and MasterCard for various [...]
