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A rolling reserve allows a credit card processor to withhold a pre-specified percentage of your gross sales. The processor deposits the held funds into a non-interest bearing account for a pre-determined period of time that is specified in your merchant processing agreement.
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You won’t find the best credit card processing unless you define what “best” means for your business, and then learn the fundamentals of processing before setting out in search of a processor.
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From a business’s point of view, credit card processing is a straightforward system — swipe, sign, and the customer leaves with their purchase. However, making a customer’s experience so hassle-free requires a complex array of companies working behind the scenes to ensure that credit card payments are processed securely and efficiently.
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Originally created in 2004 to streamline 1099 reporting, merchant category codes are now used for a number of different purposes. Of particular importance to businesses is a merchant category code’s impact on interchange fees charged by issuing banks.
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A monthly minimum fee is one of the more confusing credit card processing fees because it’s not really a fee at all. A monthly minimum is more accurately described as a benchmark that may result in a fee, rather than as a fee by itself.
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The term basis point is thrown around a lot in the credit card processing industry, but many sales people fail to realize that most people aren’t quite sure exactly what a basis point is, or what it means in terms of credit card processing fees.
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Some credit card processing fees are negotiable, and some aren’t. If you’re looking to lower credit card processing fee, put the spreadsheet aside for a moment and read this article before you call another processor to ask the fateful question, “What’s your rate?”
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Businesses that are considering switching credit card processors wonder, “Can I use my credit card machine with another processor?”
