Visa, Mastercard Settlement & Your Business
Visa, Mastercard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers.
Debit Card Transaction Fees
Contrary to popular belief, PIN debit transactions incur more than just a flat fee, often making signature debit transactions cheaper to process. Understanding the ins and outs of debit card transaction fees will ensure you’re not losing hard-earned money pennies at a time.
What is a POS WATS fee?
A pos wats or pos wat fee is a communication fee that is charged each time a business’s credit card equipment dials the processor’s toll-free 800 number to get or give information.
Credit Card Transaction Fees
More often than not, credit card transaction fees contribute more to cost than credit card processing rates.
Merchant Category Code: Reporting & Rates
Originally created in 2004 to streamline 1099 reporting, merchant category codes are now used for a number of different purposes. Of particular importance to businesses is a merchant category code’s impact on interchange fees charged by issuing banks.
Acquiring Bank — Where the Money Comes From
An acquiring bank is a registered member of a card association such as Visa, MasterCard or American Express that provides businesses with the ability to accept credit, debit and prepaid cards as payment for goods or services.
What is a Monthly Minimum Fee?
A monthly minimum fee is one of the more confusing credit card processing fees because it’s not really a fee at all. A monthly minimum is more accurately described as a benchmark that may result in a fee, rather than as a fee by itself.
Basis Points – The Basis for Fees
The term basis point is thrown around a lot in the credit card processing industry, but many sales people fail to realize that most people aren’t quite sure exactly what a basis point is, or what it means in terms of credit card processing fees.