Best Credit Card Processing “Rates” — Fools’ Gold

Best Credit Card Processing RatesThe biggest mistake you can make when shopping credit card processing services is to ask a bunch of processors the fateful question, “What’s your rate?” Continue reading

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Credit Card Processor Reviews: Don’t be a Sucker

Credit Card Processor ReviewsMost credit card processor reviews aren’t worth the virtual paper they’re printed on. Before you get gouged by a so-called “five star” processor, be sure you know the motivation of the reviewer, what or whom the review is targeting, and how credit card processing fees actually work. Continue reading

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Data Breach Insurance, Prevention & Cost

Data Breach InsuranceA data breach is a serious matter, and data breach insurance may not provide much comfort. There is a lot to consider when determining if data breach insurance is beneficial for your business, and even more red tape to ensure your insurance will pay when it comes time to make a claim. Continue reading

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Free Credit Card Machine — An Expensive Proposition

Free Credit Card MachineLike the saying goes, “there’s no such thing as a free lunch.” Credit card processors recoup the cost of a free credit card machine through expensive tiered pricing and various other fees. You are virtually guaranteeing that you will overpay for credit card processing if you’re comparing processors based on which ones are willing to provide a free terminal. Continue reading

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Flat Rate Credit Card Processing – Fool’s Gold

Flat rate credit card processing Flat rate credit card processing is an expensive illusion based more on clever marketing rather than reality. What some companies advertise as competitive flat rate pricing is actually over-simplified, expensive pricing that conceals the true costs of processing. Continue reading

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Checkout Fee: Charging Credit Card Fees to Customers

Checkout Fees A recent class action lawsuit against Visa and MasterCard resulted in a settlement that allows merchants to start charging their customers a fee for using credit cards — commonly referred to as merchant surcharges or checkout fees (these terms are used throughout this article Continue reading

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Chargebacks: A Survival Guide

Chargebacks
The chargeback process is designed to increase consumer confidence — it’s very easy for credit card users to dispute charges, while merchants and banks have to do all of the legwork to figure out whether or not a transaction is legitimate. Continue reading

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Qualified, Mid-Qualified & Non-Qualified Credit Card Processing Rates

Qualified Mid Non RatesIf your business is paying qualified, mid-qualified and non-qualified charges to process credit cards, it’s paying too much. The key to lowering your business’s credit card processing expense is not avoiding non-qualified fees. The key is completely eliminating a processor’s qualification altogether. Continue reading

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Intuit Merchant Services = Hidden Fees & Fine Print

Intuit Merchant ServicesHidden surcharges, fine print and tiered pricing combine to make Intuit Merchant Services one of the most expensive, opaque credit card processing solutions on the market today. Continue reading

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EMV & Smartcards: Ready or Not, Here They Come

EMV SmartcardVisa and MasterCard have begun what will likely be a long push to bring EMV to the United States. For financial institutions, this means issuing cardholders new credit cards and updating networks to process EMV data. For businesses, this will mean purchasing new EMV-capable credit card processing equipment. Continue reading

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GoPayment – A Costly Mistake!

GoPaymentIntuit’s GoPayment service carries hidden charges and fees that make it less competitive than other mobile credit card processing options. Continue reading

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Square Review, Rates & Fees

Square ReviewSquare credit card processing isn’t a good fit for every business. Square is best suited for individuals, or for businesses with low or sporadic sales volume or a low average sale amount. And even then, Square’s poor customer service and tendency to hold funds and impose reserves makes it a gamble for any person or business. Continue reading

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PCI Compliance is Required – Validation, Maybe Not

PCI Compliance RequiredPCI compliance is now required for all merchants, but the burden of validating compliance for a large segment of merchants falls to individual processors and merchant service providers. Some merchant service providers are using PCI as an excuse to charge excessive pure-profit fees; others are charging fair fees for compliance support, and many are taking a “don’t ask don’t tell” approach. Continue reading

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Visa, MasterCard Settlement & Your Business

Visa Mastercard SettlementEarlier this month, Visa, MasterCard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers. The suit, which dates back to 2005, accuses the card networks and banks of conspiring to fix interchange fees that businesses pay to process credit and debit cards. Continue reading

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Debit Card Transaction Fees: Signature Vs PIN

Debit Card Transaction FeesContrary to popular belief, PIN debit transactions incur more than just a flat fee, often making signature debit transactions cheaper to process. Understanding the ins and outs of debit card transaction fees will ensure you’re not losing hard-earned money pennies at a time. Continue reading

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What is a POS WATS fee?

A pos wats fee is a communication fee that is charged each time a business’s credit card equipment dials the processor’s toll-free 800 number to get or give information. The pos-wats fee is often charged in addition to other transaction fees such as authorization fees, return fees, and AVS fees. Continue reading

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Credit Card Transaction Fees

Credit Card Transaction Fees
A common and costly mistake when shopping for credit card processing services is to focus on a processor’s rate while paying little attention to transaction fees. The financial impact of this mistake is especially damaging for businesses with a low average sale amount. Continue reading

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Merchant Category Code: Reporting & Rates

Originally created in 2004 to streamline 1099 reporting, merchant category codes are now used for a number of different purposes. Of particular importance to businesses is a merchant category code’s impact on interchange fees charged by issuing banks

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What is a Monthly Minimum Fee

Monthly Minimum FeeA monthly minimum fee is one of the more confusing credit card processing fees because it’s not really a fee at all. A monthly minimum is more accurately described as a benchmark that may result in a fee, rather than as a fee by itself. Continue reading

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Basis Points – The Basis for Fees

Basis PointsThe term basis point is thrown around a lot in the credit card processing industry, but many sales people fail to realize that most people aren’t quite sure exactly what a basis point is, or what it means in terms of credit card processing fees. This article explains what a basis point is, how to calculate fees using basis points, and finally the role basis points play in credit card processing — specifically having to do with a processor’s markup. Continue reading

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