Are Mobile Wallets the Future of Commerce?

Take a look around and it does not take long to realize that we are living in a different world than the one we were living in even ten years ago. Technology is changing the way we do things. One area in which this is especially true is in the changes to how we make our payments. Payments are gradually making the transition to digital solutions. This reality is clearly seen in the fact that more people are making the switch to mobile wallets. But is this just a passing trend? Will this solution to payment processing just prove to be a novelty, soon to be replaced by some other form of payment or are mobile wallets the future of commerce? Let’s take a look. Mobile Wallets Provide Convenience When faced with the question of whether or not mobile wallets are the future of commerce, a helpful place to look is

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What is The MasterCard Per Location Fee?

A Merchant Location Fee is an assessment fee imposed by MasterCard for each business location accepting MasterCard. The fee is charged to credit card processors, who in turn charge your business. Early information about the location fee indicated that it will be assessed based on the number of locations a business has at the end of the fourth quarter in 2016. Unlike interchange charges, the card brands post little information about the assessments they charge. How is the location fee assessed? This new fee is assessed directly by MasterCard and is not being assessed by payment processors. It’s likely that most payment providers will pass along the fee. Many actually charge more for the fee itself. There are some exclusions to the fee: If you process less than $200 USD per month in MasterCard volume If your MCC code is 8398 or 8661** Any location that accepts MasterCard, online or in-store

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3 Tips to Reading Your Processing Statements

As a merchant, you likely know the importance of reading your credit card processing statements. However, taking the time to read your statements does not do you much good without the proper knowledge in how to approach it. When you read your credit card statements without effective practices in place, you run the risk of paying more than you should. If you understand how credit card statements work and you understand the different fees involved, you will better be able to maximize your budget and profit-making potential. With this in mind, here are 3 helpful tips to reading your processing statements. 1. Questions to Ask While Reading Your Credit Card Processing Statements The first thing you need to establish when it comes to reading your statements are the particular questions you need to be asking. These questions will help you read your statements purposefully and ultimately ensure that you are

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