It’s that simple. The article below will provide plenty of reasons why you shouldn’t lease a credit card machine, and this settlement involving a large leasing company is further proof. Credit Card Machine Leases are Nonsense! Benefits of a Lease (According to Processors that Lease Equipment) “It’s Not the Agent, It’s the Processor” Getting Out […]
Credit card terminal leases benefit processors not you. Don’t fall into the trap of leasing machines.
We’re leaving this article here for historical reference, but will not be updating it.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 […]
Visa has scrapped what it was calling the Network Participation Fee in place of the Fixed Acquirer Network Fee due to become effective on April 1, 2012.
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 […]
Processors must report all settled payment card transactions under section 6050w. And they must perform backup withholding at a rate of 28% for merchants that have incorrect TIN or tax filing names.
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 […]
We’re always talking about how to lower credit card processing fees. In this post, we’ll take a break from the norm to discuss five sure-fire ways to get ripped off by credit card processors.
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 […]
Many businesses wonder: Is it legal to require a minimum purchase amount for card transactions?
Within that, a relatively small portion of the act – the “Durbin Amendment” – has made decisive and controversial changes in the way debit cards are processed. These changes were meant to lower the financial burden on businesses, though that has not always been the case. What is Interchange? Changes in the Durbin Amendment Passing […]
The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in response to the late-2000s recession, contains the most comprehensive set of changes to financial regulation in the United States since the Great Depression.
Leading credit card processing comparison Website CardFellow.com is cautioning merchants that they may not benefit from reduced interchange fees proposed by the Durbin Amendment. The online marketplace is advising merchants to switch to a credit card processor that…
Leading credit card processing comparison Website CardFellow.com is cautioning merchants that they may not benefit from reduced interchange fees proposed by the Durbin Amendment. The online marketplace is advising merchants to switch to a credit card processor that offers interchange plus pricing.
Knowing the lay of the land will help you better identify how to get the best processing solution. Once you’re done reading this article, check out our more detailed breakdown of where credit card processing fees come from. For now, let’s dive in to how credit card processing works. Key Players Cardholder Merchant (Business) Acquiring […]
It isn’t necessary to have intimate knowledge of the inner-workings of the bankcard system in order to find the best credit card processor. But, it’s a good idea to have a general understanding of how credit card processing works because fees are incurred at various stages of the system.
Use the secrets that credit card processors don't want you to know to drastically lower your credit card processing fees.
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