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Leading credit card processing comparison Website CardFellow.com is cautioning merchants that they may not benefit from reduced interchange fees proposed by the Durbin Amendment. The online marketplace is advising merchants to switch to a credit card processor that offers interchange plus pricing.
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It isn’t necessary to have intimate knowledge of the inner-workings of the bankcard system in order to find the best credit card processor. But, it’s a good idea to have a general understanding of how credit card processing works because fees are incurred at various stages of the system.
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If your business charges credit cards, you pay fees. This seems straightforward enough on its surface — you might assume it’s as uncomplicated as Visa or MasterCard taking a cut of your sales.
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Tiered pricing or interchange plus? How do you know what’s best for your business?
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Credit card processing fees seem complicated. But take away the sales jargon and it makes more sense.
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Interchange plus pricing is a credit card processing pricing structure that separates the components of processing, costs allowing for transparent reporting and interchange optimization.
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Accepting credit cards at a business comes with costs. The largest portion of the costs is known as interchange.
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For businesses that already accept credit cards and have actual processing data, the effective rate can be interpreted as an exact measure of the competitiveness of your current processing solution.
