STOP Overpaying To Accept Card Payments
Many small business owners don’t really know they have a choice when it comes to credit card processing or transaction fees to accept card payments.
How to qualify a for the lowest possible rates
Most people know they need to be able to accept cards nowadays to run a small business. However, many of them don’t really know they have a choice when it comes to paying processing or transaction fees to accept card payments.
Flat Rate Pricing
While Flat Rate Pricing may be the most common form of pricing for many small business owners, there are other options such as Surcharging, Tiered, ERR & Interchange.
Sure, there are times when a flat rate is useful — it’s extremely easy to understand the processing cost for any transactions — but with a Flat Fee Pricing plan you are most likely over paying.
"Interchange is the cost a business must pay to process credit card transactions"
Simply put, Interchange is the cost businesses must pay to process credit cards. These costs can be significantly lowered by integrating with a payment solution that offers interchange optimization.
Interchange
Interchange are the fees the merchant or business owner incurs to accept credit cards at their business. Generally, these credit card processing fees are non-negotiable. Interchange fees cover the costs and risks associated with processing payments, like protection from charge backs and fraud. Payment processors don’t generate revenue from these fees. Those fees are actually paid directly to the card-issuing banks.
Interchange Optimization
‘Interchange Optimization’ is the usage of best processing habits to qualify a merchant for the lowest rate possible for every transaction. Merchants can enjoy lower interchange costs from card brands, which in turn produces a lower overall effective rate. However, it’s important to note that these savings are meaningless if your credit card processing is priced with a flat rate, popularized by companies like Square, Shopify, Stripe & PayPal.
Interchange Pricing
A business needs Interchange plus pricing to benefit from Interchange Optimization. Interchange has a negotiable component to it (as opposed to flat rate or tiered pricing) allowing for optimization of the interchange rates for each transaction. Working with Merchant Advisory Services to switch from a Flat Fee Pricing Plan to an Interchange Pricing Plan to optimize interchange can really help any business realize massive savings.
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