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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PayPal Here Vs. Square

PayPal Here Vs. SquarePayPal Here has taken the mobile payments market by storm with a smartphone processing solution that in several ways gets the better of the current market leader, Square. Boasting live customer support, immediate funding and support for multiple payment channels including free check acceptance, it seems as though Square has some catching up to do despite the company’s rapid growth. Continue reading

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Intuit Credit Card Processing = Very Expensive!

PayPal HereIntuit is best known as the maker of the popular Quickbooks accounting software, and as the provider of the GoPayment mobile processing application. If the company’s credit card processing keeps going as it is, Intuit will also become know for exorbitant credit card processing charges and excessive downgrades. Continue reading

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PayPal Here iPhone, iPad & Droid Credit Card Processing

PayPal HereMicro merchants and businesses that need to accept credit card payments while on the go now have yet another smartphone credit card processing option. On March 16th PayPal launched PayPal Here, a service that allows iPhone and eventually Droid users to accept credit card payments through their mobile device. Continue reading

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Transaction Integrity Fee (TIF) Visa

Transaction Integrity FeeEffective April 13, 2012, Visa will begin charging a Transaction Integrity Fee (TIF) of $0.10 on transactions involving Visa debit and prepaid cards that do not meet CPS requirements. The Transaction Integrity Fee will not apply to Visa credit card transactions. Continue reading

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Fixed Acquirer Network Fee (FANF) Visa

Fixed Acquirer Network FeeThe price for admission is increasing on April 1st for any business that accepts Visa credit or debit cards. Visa’s new Fixed Acquirer Network Fee will increase costs across the board. Continue reading

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1.54% “Flat Wholesale Rate”

Q & A: 1.54% Wholesale RateI have a question about a specific company — [removed to protect the guilty]. They are saying the rate they can provide is 1.54% on qualified and mid-qualified cards (“flat wholesale rate”). The only other rate is “up to 4.61%” on non-qualified cards. Then they charge 3 cents per transaction and no basis points. Is this true and possible? Continue reading

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Are Credit Card Processing Fees Negotiable?

Credit Card Processing Fees NegotiableSome credit card processing fees are negotiable, and some aren’t. So, please put the spreadsheet aside for a moment and read this article before you call another processor to ask the fateful question, “What’s your rate?” Before you can negotiate credit card processing fees, you have to know which fees are flexible. Credit card processing is like any other industry in that there are fixed costs and markups. Fixed costs are those that a processor can’t change, and markups are open to discussion. Continue reading

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American Express Discount Rate & Merchant Account

American Express Merchant AccountAmerican Express operates on a closed loop network whereby it issues credit cards directly to cardholders and merchant accounts directly to businesses. A credit card processor that claims to offer lower American Express credit card processing fees than its competition is simply being misleading. American Express sets its own discount rates which are exactly the same for all credit card processors. Continue reading

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