By
In fact, Costco doesn’t even provide credit card processing. Instead, they outsource merchant services to a company called Elavon. In the past, Costco offered merchant accounts using tiered pricing with bait and switch rates. In short, you will pay through the nose to process credit cards, and you’ll likely be stuck doing it until your multi-year …
By
What your business pays in processing fees depends on a number of factors, including your industry, the type of card, how you accept cards, if you take PIN or signature debit, and more. It also depends on whether you have a CardFellow wholesale credit card processing membership or if you obtained your merchant account outside …
By
Some processors only offer daily discounting, while others offer a choice. If you open a merchant account that lets you choose, monthly discount is usually the better option. Let’s look at the differences between daily and monthly discount. Difference Between Daily and Monthly Discount The names give it away. With monthly discount, your processor deducts …
By
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 best credit card processing fees, which is why it’s the only form of pricing we allow processors to …
By
We’re leaving this article here for historical reference, but will not be updating it. Instead, new information about the Fixed Acquirer Network Fee (FANF) can be found at the post linked above. Visa has announced a new Network Participation Fee and pricing structure in response to the Durbin Amendment. Part of the amendment allows merchants …
By
If you have a merchant account, this information applies to you. Make sure your processor has your correct TIN and tax filing name. Note: The information herein does not replace the advice of a qualified tax professional. Talk to your accountant about the impact of 6050w and your responsibilities under tax law. Section 6050w Overview …
By
1 – Get bundled pricing. Bundled pricing is what you want if you’re a fan of hidden surcharges and paying (way) too much for credit card processing. Ready to get ripped off by credit card processors? Go for bundled (also called tiered) pricing. Type the term “credit card processing” into your favorite search engine and …
5 Great Ways to Get Ripped Off by Credit Card Processors Read More »
By
The short answer is: Yes and no. The longer answer is that it depends on the type of card. You’ll have to follow applicable rules as well. Credit cards: Yes. It is acceptable for you to set a minimum charge on credit card purchases as long as you abide by the stipulations as set forth …
