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Digital wallets are becoming a more popular way for to pay for goods and services. With choices like Apple Pay, Google Wallet, the upcoming Samsung Pay, and even PayPal, there are plenty of options for customers no matter what kind of smartphone or electronic device they use.
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For most businesses, the compliance date was October 1st, 2015. (Pay at the pump gas stations had until 2020 to comply due to the cost and complexity of the upgrades.) What is EMV? EMV stands for Europay, MasterCard, and Visa, after the three companies that initially worked together on the technology. Today, American Express, Discover, …
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Several months ago American Express introduced OptBlue, which is a new pricing structure that will replace the company’s current One Point pricing for most businesses. OptBlue’s pricing functions similarly to that of Visa and MasterCard’s interchange in that processors pay “wholesale” rates to American Express and apply their markup through a cost-plus or tiered pricing model.
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Interchange plus pricing does not guarantee competitive credit card processing fees. It’s just as easy for a processor to overcharge a business using interchange plus pricing as it is with other pricing models, such as tiered.
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Allowing your current credit card processor to match a more competitive offer may sound like a good idea, but it’s a losing proposition that will cost time and money.
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You’re setting yourself up for an expensive failure by shopping for the “best credit card processing rates.”
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Despite repeated requests to correct its content, the SBA has chosen to mislead small businesses. On September 10, 2013 the SBA posted an article titled The Best Credit Card Processing For Small Business Owners, written by guest blogger and affiliate marketer Marco Carbajo. In the article, Carbajo makes numerous false statements in an attempt to …
SBA & Marco Carbajo Negligence Misleads Small Businesses Read More »
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Before you get gouged by a so-called “five star” processor, be sure you know the motivation of the reviewer, what or whom the review is targeting, and how credit card processing fees actually work. What’s the motivation for the reviewer? The relationship of the reviewer to the company being reviewed is vital in determining whether …
Credit Card Processor Reviews: Don’t be a Sucker Read More »
