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You’re probably already aware that you pay an interchange fee anytime a customer pays with a credit card. Interchange fees are generally the most expensive component of credit card processing costs, and they’re non-negotiable.
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There was once a time when all you had to worry about was having enough cash on hand to provide customers with change. Those days are long gone. These days you need to be prepared to handle a slew of payment options.
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Anyone who comes across Fattmerchant probably perks up at the promise of no markup for credit card processing. The ability to take credit cards and not have to pay a markup to the processor? Sounds great! But before you rush to sign up, let’s take a look at what it really means and how to accurately compare your options.
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The internet has changed the way we all live. Business is increasingly conducted in a virtual world. Now there are virtual currencies to match. Of these, Bitcoin is the best-known and most successful. As it becomes more popular, businesses are starting to ask: Should I take Bitcoin? And if so… how?
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Electronic Interchange Reimbursement Fee (EIRF) is a Visa interchange category that indicates a downgrade. Transactions qualify for EIRF when they don’t meet the criteria for categories with lower rates.
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CPS Supermarket is an interchange category used to determine the fee for Visa cards used at grocery stores when the card is present and a customer’s signature is obtained.
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Visa’s CPS Retail 2 is an interchange category used to calculate interchange fees for transactions involving a credit card for certain business types, defined by Merchant Category Codes.
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Signature Preferred Card Not Present or CNP is a Visa interchange category used to determine the fee for transactions that take place with the credit card not present at businesses other than travel services.
