CardFellow Credit Card Processing Blog

Credit Card Processing, Legal

Mercury Payment Systems Sued (Again) for Overcharging

by Ellen Cunningham

If that sounds familiar, it’s because it’s the same thing that Mercury was sued for by Heartland Payment Systems in 2014. Archer’s Barbeque v. Mercury Payment Systems Heartland Payment Systems v Mercury Payment Systems Mercury Payment Systems’ Reply Are these lawsuits accurate? How Mercury Payment Systems Adds Hidden Fees Do other processors add hidden fees?…

Two businesses have filed a lawsuit against Colorado-based Mercury Payment Systems, claiming the company adds hidden fees when charging businesses for credit card processing.

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Credit Card Processing

Watch Out for EMV Non-Compliance Fees

by Ellen Cunningham

Let’s look at who charges this fee and how much you can expect to pay. What are EMV non-compliance/non-enabled/non-acceptance fees? Will my business be charged EMV non-compliance fees? Exceptions for Card-Not-Present Businesses What if I have a mix of card-present and card-not-present transactions? Using EMV Capable Terminals How much is the fee? Why are processors…

The October 1^st EMV liability shift has come and gone, and you probably know that if you don’t have an EMV-capable terminal to take chip cards, you’re now liable for fraudulent transactions. But did you know that you may be subject to an EMV non-compliance fee, EMV non-enabled fee, or EMV non-acceptance fee?

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Credit Card Processing

Chase Pay Digital Wallet

by Ellen Cunningham

And if your customers start paying with digital wallets more often, Chase Pay could be a cost-saving option. What is Chase Pay? When did Chase Pay officially launch? What’s different about Chase Pay for consumers? Do all credit cards work with Chase Pay? What’s different about Chase Pay for businesses? About MCX About CurrentC Why…

In November 2016, JP Morgan Chase launched a new digital wallet, called Chase Pay. I know what you’re thinking – there’s already Apple Pay, Android Pay, Samsung Pay, Google Wallet, PayPal… do we really need another digital wallet? Chase thinks so.

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Credit Card Processing

Basis Point Calculator

by Ben Dwyer

Basis point is term that refers to one one-hundreth of a percentage point. Shown as a percentage, one basis point is 0.01%; but Shown numerically, one basis point is 0.0001. Needless to say, deciphering basis points can get a little confusing. That’s why we’ve created this nifty basis point calculator that does the math for you. Just move the slider to calculate basis points and the associated charge for a given dollar amount.

A convenient calculator for basis point conversions.

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Credit Card Processing

Interchange-plus: You can still get gouged!

by Ben Dwyer

At this very moment you know just enough to be dangerous. I highly suggest (and I know my previous employer would agree) that you keep reading. The Flawed Definition of Interchange-Plus Concealing a Markup on Interchange Ridiculous Markups Imaginary Fees Non-Receipt of Credits & Vouchers What’s your time worth? The Flawed Definition of Interchange-Plus We…

Years ago I worked for someone that loved the saying, “We pose the greatest risk to ourselves when we know just enough to be dangerous.”

This is often the case with interchange-plus pricing and credit card processing. You’re reading this because you’re likely tired of paying high credit card processing fees, and you probably came across an article or two that touts interchange-plus as the solution to your problem.

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Credit Card Processing

Square: Process for Free, Just Like Starbucks

by Ben Dwyer

Update: June 2016 – It appears that Square is charging a fee for transactions under $10 for some businesses, effectively negating the pricing advantage described in this article. We’re leaving it here for historical record, but note that in many cases it may not be less expensive to use Square for small ticket transactions any more….

You can have Square subsidize your credit card processing fees, just like Starbucks did. It’s just a matter of using Square’s overly simplified pricing to your advantage.

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Credit Card Processing

Credit Card Processor Ratings: Why CardFellow Doesn’t Do It

by Ellen Cunningham

Before you get discouraged thinking that means you’ll have to do a ton of work to find out who’s really the “best,” we’ll offer information in this article that will help you determine who is the best processor for you. To do that, we also have to tell you what to watch out for: “best…

At CardFellow, we’re often asked who is the “best” processor. We don’t rate processors or keep lists of who is the “best” for one simple reason: the best processor will vary depending on your business. Lists of the top credit card processors ultimately aren’t helpful, and can lead you in the wrong direction when it comes to getting the right processing solution.

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Credit Card Processing, Scams and Fraud

The Truth Behind “We’ll Give You $500 if We Can’t Beat Your Rates” Offers

by Ellen Cunningham

Okay, the offer doesn’t usually include a unicorn, but it might as well for all the good it does you if you’re trying to secure competitive pricing. Credit card processors that offer cash if they can’t “beat” or match your current processing rates will use a variety of tactics to get your business, and manipulate…

If you accept credit cards at your business and have spent any time researching processors, you’ve probably come across sales gimmicks offering cash if the processor can’t beat your current rates. You know the one: “If we can’t lower your rates, we’ll give you $500 and a free unicorn!”

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Credit Card Processing exposed