5 Great Ways to Get Ripped Off by Credit Card Processors
We’re always talking about how to lower credit card processing fees. In this post, we’ll take a break from the norm to discuss five sure-fire ways to get ripped off by credit card processors.
We’re always talking about how to lower credit card processing fees. In this post, we’ll take a break from the norm to discuss five sure-fire ways to get ripped off by credit card processors.
Many businesses wonder: Is it legal to require a minimum purchase amount for card transactions?
The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in response to the late-2000s recession, contains the most comprehensive set of changes to financial regulation in the United States since the Great Depression.
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.
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.
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.
Tiered pricing or interchange plus? How do you know what’s best for your business?
Credit card processing fees seem complicated. But take away the sales jargon and it makes more sense.