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PCI compliance is a set of rules for the security of credit card transactions. It’s split into 12 basic requirements grouped into 6 categories to help businesses and payment processors create and maintain a reliable, secure processing system.
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Visa, Mastercard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers.
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Contrary to popular belief, PIN debit transactions incur more than just a flat fee, often making signature debit transactions cheaper to process. Understanding the ins and outs of debit card transaction fees will ensure you’re not losing hard-earned money pennies at a time.
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A pos wats or pos wat fee is a communication fee that is charged each time a business’s credit card equipment dials the processor’s toll-free 800 number to get or give information.
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More often than not, credit card transaction fees contribute more to cost than credit card processing rates.
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Originally created in 2004 to streamline 1099 reporting, merchant category codes are now used for a number of different purposes. Of particular importance to businesses is a merchant category code’s impact on interchange fees charged by issuing banks.
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An acquiring bank is a registered member of a card association such as Visa, MasterCard or American Express that provides businesses with the ability to accept credit, debit and prepaid cards as payment for goods or services.
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A monthly minimum fee is one of the more confusing credit card processing fees because it’s not really a fee at all. A monthly minimum is more accurately described as a benchmark that may result in a fee, rather than as a fee by itself.
