Rates

Do you know what you are really paying for your processing rates?

There a number of factors that affect the rate that gets charged for processing generally there are four things that affect the rates you will pay for accepting credit card payments.

  1. The card brand. Meaning each card brand Visa, MasterCard, Amex Etc.) sets their own rates for what they charge for the basic processing and what their minimums are
  2. Card type. A regular consumer card will have lower rates then a high earnings rewards card, a foreign or corporate card will have rates that are even higher
  3. The merchant category code (MCC). which means the interchange rate (the rates set by visa/MasterCard) varies based on the industry you’re in so rates for a grocery store will be lower than the rates for a restaurant
  4. The acceptance method. There are four ways to accept payment 1) chip and PIN 2) swiped 3) keyed in manually 4) card not present (phone/web) in each of these categories the rates differ based on the security and fraud liability being taken on by the processing company

Because all these things affect the rate you pay and the lack of transparency in this industry it is very easy for the big processing companies to add all sorts of fees to your processing rates without being noticing, these added fees can bring your promised rate of 1.39% to 2.75%.

We therefore offer a free no obligation rate analysis so we can walk you through what you are paying and where your rates should be lowered. If you would like to be contacted by our professional underwriting team for this free no obligation analysis please feel free to contact us.

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