Credit Card Processing

Interchange Rates and Fees

Historically, interchange has been imposed upon businesses to reimburse issuing banks for lost interest resulting from a cardholder’s grace period for repaying their debt. This is why Visa still refers to interchange fees as “interchange reimbursement fees.” Today, Visa states that “the primary role of interchange is to create an equitable balance of incentives between a…

TwitterFacebookLinkedIn

In credit card processing, interchange is the money transferred from the acquiring bank to the issuing bank for each bankcard transaction. Interchange fees account for the majority of credit card processing costs and are established by the card brands (Visa, MasterCard, Discover) of open-loop processing systems.

Read More

Restaurants and Bars

The Complete Guide to Grubhub for Restaurants

While you may only be familiar with the main Grubhub name, the restaurant delivery app actually owns many other delivery apps. It purchased Seamless, Eat24, and others. Grubhub claims that you can boost revenue by up to 30% when you offer delivery through its app. But how does it all work, and is it really…

TwitterFacebookLinkedIn

Delivery apps have taken the dining world by storm, leaving many restaurateurs wondering, “Should I use Grubhub?”

Read More

Credit Card Processing, Legal

Worldpay Potentially Grabbing Millions in Hidden Fees

Wells Fargo is currently being sued for charging deceptive fees, North American Bancard is currently being sued for charging deceptive fees, Mercury Payments lost a lawsuit (with a $72.5 million payout) for charging deceptive fees, and Worldpay is being sued for similar allegations. While the outcome of those lawsuits is beyond the scope of this…

TwitterFacebookLinkedIn

Several recent lawsuits have put the spotlight on a whole series of alleged schemes by processors to collect junk charges disguised as legitimate fees.

Read More

Credit Card Processing, Restaurants and Bars

The Complete Guide to Restaurant Credit Card Processing

Restaurant owners are in a great position to secure low cost credit card processing. Lower “risk” swiped transactions, low chargebacks, and the popularity of going out to eat make processors eager to sign restaurants as clients. At CardFellow, we help restaurant owners and managers find the right fit. Whether you need particular POS features, lower…

TwitterFacebookLinkedIn

Restaurants notoriously operate on thin margins, so ensuring that you’re not overpaying for credit card processing can help your bottom line.

Read More

Credit Card Processing

Credit Card Machine Companies

Some credit card machine companies provide merchant accounts, while others are solely equipment manufacturers. We’ll take a look at why that matters and give a rundown of the major equipment providers in the United States. This article is specifically about credit card machine companies, not the machines themselves. Need details on particular machines? Check out…

TwitterFacebookLinkedIn

There are a lot of options when it comes to credit card payment machines. Here are some of the leading equipment manufacturers.

Read More

Credit Card Processing

First Data Global Leasing Review

If you’ve browsed CardFellow’s blog, you’ll know we’re not big fans of equipment leasing. In most cases, leases are expensive and come with non-cancellable contracts separate from your processing agreement. Unfortunately, that holds true for FDGL. What is FDGL? Machines and POS Systems Are leases required? FDGL Costs Are leases ever a good idea? Alternatives…

TwitterFacebookLinkedIn

First Data Global Leasing, or FDGL, is the equipment leasing arm of processing giant First Data.

Read More

Restaurants and Bars

5 Ways to Improve Your Restaurant Customer Service with a POS System

While you might initially implement one in order to decrease your payment processing time, a point-of-sale system can actually do wonders for all facets of your restaurant, especially customer service. There are several reliable methods for leveraging your point-of-sale system in order to upgrade your business methods and improve the customer experience. You can, for…

TwitterFacebookLinkedIn

Customer service upgrades can take are often hassles that take time and money, but one of the more unexpected and simpler ways you can boost customer service quality is with the right point-of-sale system.

Read More

Credit Card Processing

Visa Claims Resolution Fees and Explanations

VCR may result in some new fees if you incur a chargeback. In late 2018 or early 2019, you may have seen a notice on your processing statement about upcoming VCR charges. For example, some businesses saw this explanation: Visa recently announced they are delaying the time-based dispute response and acceptance fees associated with Visa…

TwitterFacebookLinkedIn

Visa Claims Resolution (VCR) is a chargeback management system that Visa rolled out in 2018. It’s designed to streamline Visa’s chargeback process.

Read More