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Here’s why. The problem is that you’re asking the wrong questions. The key to lowering your processing charges is understanding the fundamentals of how credit card processing fees work and then focusing on what’s really negotiable, and it’s not rates. Defining “Best” You may think that the “best” credit card processing solution is the one …
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If that sounds familiar, it’s because it’s the same thing that Mercury was sued for by Heartland Payment Systems in 2014. Note: Also in 2014, Mercury Payments was acquired by Vantiv, which has itself since been acquired by Worldpay. The practices that Mercury was allegedly engaged in and sued for may not be the same …
Mercury Payment Systems Sued (Again) for Overcharging Read More »
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Note: These fees were more common early after the EMV liability shift took place in 2015, but they can still apply for businesses that haven’t upgraded to chip-capable equipment. As time goes on, we anticipate these fees to be eliminated (or change into something else) as machines that can’t accept chip cards are phased out …
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Chase thinks so. Note: As of 2021, all Chase Pay functions have been discontinued. Chase Pay App Discontinued In autumn 2019, Chase announced that it was discontinuing the Chase Pay standalone app. At the time, the company said it would continue to support Chase Pay as a payment method through participating websites. However, in 2021, …
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Basis point is term that refers to one one-hundreth of a percentage point. Shown as a percentage, one basis point is 0.01%; but Shown numerically, one basis point is 0.0001. Needless to say, deciphering basis points can get a little confusing. That’s why we’ve created this nifty basis point calculator that does the math for you. Just move the slider to calculate basis points and the associated charge for a given dollar amount.
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At this very moment you know just enough to be dangerous. Interchange plus pricing is not automatically the fix for your problem of high processing fees. I highly suggest (and I know my previous employer would agree) that you keep reading. The Flawed Definition of Interchange-Plus We have several articles here at CardFellow that delve …
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Update: September 2019 – Square has done away with it’s 2.75% flat rate pricing. Square charges transaction fees, effectively negating the pricing advantage described in this article. We’re leaving it here for historical record, but note that in many cases it may not be less expensive to use Square for small ticket transactions anymore. Businesses …
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Before you get discouraged thinking that means you’ll have to do a ton of work to find out who’s really the “best,” we’ll offer information in this article that will help you determine who is the best processor for you. To do that, we also have to tell you what to watch out for: “best …
Credit Card Processor Ratings: Why CardFellow Doesn’t Do It Read More »
