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CPS is an acronym associated with some Visa interchange categories. It stands for Custom Payment Service.
In a nutshell, Visa’s CPS allows a business to qualify transactions to an interchange category with a lower rate by following a set of rules.
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Gun dealers often face different challenges than other businesses, and that’s true when it comes to taking credit cards as well. Since selling firearms is considered a “high risk” business, some credit card processors don’t offer services to gun dealers.
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Wells Fargo Merchant Services slips an opaque “Interchange Clearing Fee” into its interchange-plus pricing, adding more proof to the fact that interchange-plus does not guarantee competitive credit card processing fees.
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It seems like there’s been a flurry of lawsuits and investigations in the payments industry lately, with Northern Leasing sued for racketeering, Mercury Payment Systems defending against a second lawsuit for deceptive pricing, and Vantiv embroiled in the DraftKings fantasy sports lawsuit mess.
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Credit card processing is a confusing and frustrating part of business. Have you ever looked at your billing statement and thought you’re paying too much for credit card processing but couldn’t be sure? Or maybe a pushy sales person stops by and promises to save you tons of money, and you’re wondering if you’re really overpaying. Here are 3 quick ways to determine if you’re paying too much and how to lower your costs to take credit cards.
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CardFellow is an advocate and expert consultant that acts on behalf of our clients, and we really don’t like it when a processor tries to mislead one of our valued clients with deceptive information. That’s exactly what recently happened with a company called Riverside Payments.
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Recently, we received a comment here on our blog that perfectly illustrated some of the deception, half-truths, and spin that many credit card processing sales reps use to pressure and mislead businesses.
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Credit card processing can be expensive, and hidden fees may be part of the problem. Have you ever looked at your credit card processing statement and noticed “non-qualified” transactions with a higher rate than what you thought you’d be paying? That’s one of the 3 most common hidden fees that might mean you’re paying more than you need to for credit card processing.
