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With its minimal underwriting and fast setup, it lowered the barriers to entry for small businesses seeking credit card processing. Suddenly, business owners could download an app, sign up for an account, and accept credit cards within days or even hours. There was no lengthy application before you could start accepting cards, and Square’s simple …
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Business Product 1 applies to card-not-present transactions and Business Product 2 applies to card-present transactions.There are additional “sub-categories,” determined by spend tiers 1-5. Note that Visa uses Roman numerals, so the spend tiers are I, II, III, IV, and V. Spend tiers relate to the cardholder spending requirements and range from $0 in Tier I …
Visa Business Product 1 and Business Product 2 Interchange Read More »
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The two categories essentially replaced Visa’s prior CPS interchange program, and apply to different consumer credit transactions. The broadest difference is that Restaurant 1 applies to card-not-present transactions and Restaurant 2 applies to card-present transactions. There are additional “sub-categories” with Restaurant 1 and 2, but unlike with some other categories, there are actually only two …
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Product 1 and Product 2 are common interchange categories for a variety of business types. The categories essentially replaced Visa’s prior CPS interchange program, and apply to different consumer credit transactions. The broadest difference is that Product 1 applies to card-not-present transactions and Product 2 applies to card-present transactions. However, within those two categories are …
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Excerpt style. There are few products in life that provide more luxury, status, or celebration than a beautiful piece of jewelry. Since ancient times, precious metals and gems have been crafted into items designed to catch the eye. If you’re involved in jewelry retail, you know how important it is to provide the products, services, …
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Non-qualified charges indicate expensive transaction costs for you. There are two main reasons for them: your processor charged you a non-qualified rate, or your transactions “downgraded” to Visa’s non-qualified interchange category. It’s easy to confuse Visa’s non-qualified interchange with the non-qualified rates from your processor. To understand the difference, let’s take a look at both …
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As with many things in credit card processing, it’s complicated. Interchange, as set by Visa and Mastercard, is non-negotiable. It isn’t possible to get lower rates or fees than what Visa and Mastercard publish. But that’s not the full story. Two factors – one malicious, one not – play a role in whether you can …
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But what does that mean, exactly? In this article, I’ll lay out the Justice Department’s claims and explain how it affects you and your business. Lawsuit Overview The Justice Department’s civil antitrust lawsuit alleges that Visa engaged in unlawful conduct regarding debit card networks. It claims that Visa holds a monopoly in debit card network …
