Some credit card processors play the old bait-and-switch game of advertising rates that seem too good to be true. Spotting these shysters is easier said than done because they will in fact honor the low rates they advertise. Processors that use bait-and-switch aren’t blatantly lying; instead, they’re tactfully omitting some important details. Continue reading
Our recent interaction with Pivotal Payments proves they’re a processor best avoided. We were able to save a business 31% over what they were paying Pivotal Payments, but Pivotal Payments had the company locked in a three-year auto-renewing contract term with a $3,900 cancellation fee. Continue reading
Now that we’ve had a chance to see actual post-Durbin processing volume, data shows that most businesses save significantly on debit volume thanks to the Durbin Amendment. The only exception to this is businesses with small average tickets, or those on tiered pricing. Small ticket merchants have seen costs increase because of Durbin, and merchants on tiered pricing allow their processors to pocket their Durbin savings.
Note… Continue reading
We caught a processor in the act of pocketing Durbin savings, and we saved the business 43% when all was said and done. As this success story shows, a low rate is just the start of savings. A competitive pricing model and fair terms produce savings, too. Continue reading
On October 18th Google announced that it would start protecting personalized search results in an effort to start making search more secure. As a result, any search queries performed by users that are signed in to their Google account will now show in analytics services as “(not provided).” Continue reading
Adam J. Moore
President,
SeriousShops.com
Adam Moore has built a phenomenal business, and he knows exactly what he’s doing when it comes to eCommerce. So, it’s no surprise that he already had SeriousShops.com on interchange plus pricing when he signed up for CardFellow. Nevertheless, SeriousShops.com received an instant quote that ended up saving the company 26% on monthly credit card processing fees.
Your business can charge customers a credit card fee, but there’s a maze of rules, exceptions and even state laws to navigate to ensure you stay compliant with the terms of your merchant processing agreement. The act of charging customers a fee to pay with their credit card is commonly referred to as checkout fees, convenience fees, or surcharging… Continue reading
Which is cheaper, PIN debit or signature debit? Use this calculator to see when a PIN debit is cheaper than a signature debit transaction for your business. Just enter your processing fees, move the slider, and the calculator will take care of the rest. Continue reading
Rate increases are thing of the past. We’ve launched our rate monitoring service that does two important things: it allows us to make sure your rates never increase, and it allows us to ensure you’re getting the lowest possible interchange rates, which are the largest portion of processing expense. Did we mention that it’s a free service? Continue reading
It seems as though Visa, MasterCard and card-issuing banks have a message for Senator Durbin: “don’t meddle with our interchange fees.”
Analysts Thomas C. McCrohan and Leonard A. DeProspo of Janney Capital Markets stated in an early report released September 21st that,
“We are hearing Visa and MasterCard are raising the interchange fee for small ticket purchases made with debit cards to $0.23 per… Continue reading
So you think that just because you have a small business you can’t get the competitive credit card processing rates that big businesses get? Think again! Follow these five tips and you’ll be able to secure credit card processing Continue reading
If your business has bundled credit card processing fees your processor is pocketing your fee credits every time you issue a debit or credit card refund. Luckily, plugging the cash flow leak is as simple as getting interchange pass through pricing instead of bundled. Continue reading
Are you looking at your credit card processing statement every month while banging your head against the wall trying to figure out how to lower your non-qualified credit card processing fees?
If so, you’ll be really happy to learn that non-qualified rates are nothing more than a greedy little figment of your processor’s imagination, conjured up in the interest of deceit and profiteering. I kid you not — non-qualified rates are just one big, silly scam, and I’m going to show you how to rid yourself of non-qualified fees forever. Read on, my friend! Continue reading
Costco may sell some things at wholesale prices, but it’s not merchant accounts. In fact, Costco doesn’t even provide credit card processing. Instead, they outsource merchant services to a company called Elavon.
Costco’s merchant accounts use tiered pricing, bait-and-switch rates and have a cancellation fee. In short, you will pay through the nose to process credit cards, and you’ll be stuck doing it until your multi-year contract expires. Continue reading
We get this question a lot here at CardFellow: “What’s the average credit card processing charge for [insert your business type here] business?” There are easy answers to this question, and then there are the right answers. Continue reading
Knowing the difference between daily discount and monthly discount of credit card processing charges can save your business a ton of time and money. Monthly and daily discount refer to when a credit card processor deducts fees from your business checking account. There’s a big difference between the two, so give careful thought to which method is best for your business. Continue reading
Interchange pass through pricing is a form of credit card processing pricing that allows the actual cost of processing (interchange fees & assessments) to be passed directly to your business. The benefits of interchange pass through (often called interchange plus) are transparency and lower costs when compared to bundled or tiered pricing models.
It’s safe to say that pass through pricing allows your business to get the Continue reading
Thankfully, the practice of leasing credit card machines has been declining quickly over recent years, but some processors just can’t seem to let the cash cow go. Leasing processing equipment is a big money maker, and processors with questionable business practices will ride the gravy train to the end of the tracks. Continue reading
Update: Visa has scrapped what is was calling the Network Participation Fee in place of the Fixed Acquirer Network Fee due to become effective on April 1, 2012.
Update: Visa has confirmed that the Network Participation Fee will take effect in 2012.
Visa has announced a new Network Participation Fee and pricing structure in response to the Durbin Amendment which allows… Continue reading
Section 6050w of the IRS tax code enacted by the Housing Assistance Tax Act of 2008 took effect on January 1, 2011 and requires payment processors to report merchant income to improve tax compliance by businesses that accept credit cards.
Processors must report all settled payment card transactions under section 6050w. And they must perform backup withholding at a rate of 28% beginning in 2012 for merchants that have incorrect Continue reading
© 2011 CardFellow, LLC. All Rights Reserved. CardFellow® is a registered trademark of CardFellow, LLC.