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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.
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If your business charges credit cards, you pay fees. This seems straightforward enough on its surface — you might assume it’s as uncomplicated as Visa or MasterCard taking a cut of your sales.
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Tiered pricing or interchange plus? How do you know what’s best for your business?
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Credit card processing fees seem complicated. But take away the sales jargon and it makes more sense.
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Interchange plus pricing is a credit card processing pricing structure that separates the components of processing, costs allowing for transparent reporting and interchange optimization.
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Accepting credit cards at a business comes with costs. The largest portion of the costs is known as interchange.
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For businesses that already accept credit cards and have actual processing data, the effective rate can be interpreted as an exact measure of the competitiveness of your current processing solution.
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Credit card processing consultants offer to negotiate with your credit card processor to lower your costs. But is it the best way to save your business money?
