The War on Organizations and High Credit Card Processing Charges
For years, vendors and merchants have been fighting a war in the Payment Processing business over “interchange fees” — the hidden costs of processing credit and debit card transactions. Interchange is the amount of each purchase that dates back to the card issuing bank and features to about 65% of a merchants genuine feesAlthough interchange is an important part of this equation, I am here to teach you that almost half of your credit card processing fees/downgrades can be linked to working with a sales rep or company that many not be adequately qualified or have a correct understanding of how your company operates.It is a scary thought, but there’s no regulation in our business everyone can sell payment processing with no formal education. Sam’s Club and Costco are actually giving transaction processing solutions. I could not let you know the amount of merchants whom we have worked with that are using one of these programs. They were offered one charge, but because they input transactions, process commercial, business, purchasing and government cards, they ended up spending 3.50% or more.Visa and MasterCard have special programs for business that process commercial, business, purchasing and government cards, but because most processors/sales contacts lack the education and knowledge associated the approval of these kinds of transactions, suppliers are set up improperly and have an abundance of unwarranted and unwanted fees and downgrades.You could see some of these on your statement: MID QUALIFIED, NON QUALIFIED, EIRF, STANDARD, COMMERCIAL ELECTRONIC AND CORPORATE DATA RATE 1.These fees can simply be eliminated or reduced by working with a transaction processing expert who is familiar with not merely interchange but specifications needed for transactions to process as effectively as possible.
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