Merchant’s Knowledge For Credit Card Processing

Merchant Services

Credit Card Processing: The Introduction of Square in 2009 and PayPal in 2012 brought quick-pay system and ease of transaction, since then the E-Commerce business has thrived. Now everyone can accept the credit cards in addition to cash and check, which raises the question, how much should you pay for credit-card processing for High-Risk merchant account and payment gateway?

There is a difference between different processors who will give various offers. Some could be genuine, others can have hidden charges in terms of extra fees. When a processor wants to board you, he would show the most basic rate of the fee and not the extra charges.

You must make sure that you’re not being looted in the name of special merchant services. We’re here to help you navigate credit card processing and help you get the best rate possible for your business. So, stick around!

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Factors that affect rate:

Privileged services:
Privileged services would not affect the basic rate, but it would surely affect your markup in the name of, PCI compliance, merchant gateway, statement fees and so on. So, kindly take in consideration all types of costs before signing up for an account.

Size of the ticket:
Different variations in your ticket size affect your price. Bigger ticket sizes are considered as high-risk that eventually increase the rate for you.

PCI Compliance:
PCI-Compliance is like a vow to protect the customer’s identity. It is the set of rules, which a company has to follow to keep the personal information of their customers safe.

Other considerations:
Many of the processors will charge you a minimum fee if you don’t meet a specific volume of processing. Many of them won’t show it to you at all. Also, worth noting is that if you have purchased a CNP (Card not present) then you might get a better rate otherwise, you get charged extra.

There is no control over the rates as all the companies have their own entities deciding on the rate. There could be a standard rate decided by a group or a region, but no one can say that the rate could be matched or has a single pricing model for all kinds of companies.

Wherever you can ask, we suggest you ask for interchange-plus pricing. Even if merchant accounts never promote these plans, they often have them. It’s the most transparent payment model which doesn’t have enough margin.

Read your contract page-by-page before you sign and don’t be afraid to ask for what you want. And then, continue to read your statements every month and check your effective rate. If something seems off or your rates suddenly spike, you have all the rights to ask questions and get proper answers in return. If you’re not satisfied, please search for something better.

All in all, we are here to provide you with proper information on how to get along in this fast-paced world which is changing in a blink.

To get more information you can contact:

PH: +1 (727) 330 – 3944

Fax: +1 (844) 465 – 4723

Credit Card Processing