Interchange fees & rates

Interchange Fees & Rates: What You Need to Know

Interchange fees are easily the most confusing transaction fees you need to understand as a merchant, but they are also arguably the most important. They make up the bulk of the fees you pay and can vary widely across industry & customer base, and it’s all too common for shady merchant services providers to charge extra percentages or purposely confuse clients on the terms of interchange in hopes of getting more money. We’re sick of seeing that happen, and that’s why we’re writing this blog: to bring some clarity to interchange fees. The easiest way to understand interchange fees is by first understanding the basic definition & reasons why they exist before digging into the variations and more complex aspects of how interchange affects your business. With that in mind, let’s start at the top. Definition of Interchange Fees In short, interchange rates and fees are fees the issuing bank…

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Mobile Commerce

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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Choosing a Credit Card Processor

4 Things to Consider When Choosing a Credit Card Processor

Choosing a credit card processor is likely not something you want to think about. However, it is necessary. With everything being done digitally these days, there is simply no way to be a cash only company and still successfully build a business. This being said, we do understand that it can be a difficult decision to make with an overwhelming amount of considerations. That is why we have put together this comprehensive list of factors to take into account when choosing a credit card processor. Fraud One of the most important things that a business owner can take into consideration when it comes to payment processing is fraud. Fraud can be incredibly costly to your business and you want to find a payment processing company that will take the appropriate measures to help you avoid it at all costs. It is true, fraud is more difficult now than it has…

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Why Free Terminals Are Not Actually Free

Why Free Terminals Aren’t Really Free

You’ve seen the advertisements. Sign up for a merchant account with XYZ Merchants and receive a FREE* credit card processing terminal! Sign up today for FREE* Tablet POS System! Sounds like a great deal, right? Sounds almost… too good to be true! That’s because, unfortunately, it is. As any business owner knows, everything costs money. If a business were to purchase t-shirts, for example, and sell those t-shirts for less than the purchase price, they’d likely go out of business (very quickly). How does that relate to the free terminal? The processor providing the terminal for free had a cost to acquire that terminal. That cost needs to be made up in other ways if they are not charging for the device itself. With a free terminal or free POS System often comes a hefty early termination fee, strings attached via the inability to effectively switch processors (system dependence) and…

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Payment Processing Partner

The 3 Things to Look for in a Payment Processing Partner

Your merchants don’t want to deal with hidden fees or get a robot when they need technical support. Neither do you. This is why it’s critical to thoroughly vet your processing partner for how they treat you as a “customer.” Are they only paying you out on a few revenue streams? When you call in with an urgent question is there a warm body on the other end of the phone? If you truly want to deliver the most value to your merchants you need to have a strong partner who treats you the way you deserve to be treated. These are the three things to look for in a payment processing partner: 1. Transparency for your Accounts AND You. If you’ve been in the payments industry for any amount of time you know that your merchants prefer transparency. No one likes to be saddled with hidden fees, early cancellation…

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