A class action lawsuit was also filed, allowing business owners a path to attempt to recoup money they were overcharged. This article includes the official class action website for those who would like to stay on top of deadlines. But first, let’s take a look at what actually happened. What did Discover do? According to the FDIC and Federal Re...

Mastercard uses many different interchange categories to determine the rates and fees your business pays for accepting credit cards. There isn’t just a single “Mastercard business” interchange rate. There are 5 different business card rates, depending on the “program level.” From there, most businesses will see rates further broken into one of two ...

With its minimal underwriting and fast setup, it lowered the barriers to entry for small businesses seeking credit card processing. Suddenly, business owners could download an app, sign up for an account, and accept credit cards within days or even hours. There was no lengthy application before you could start accepting cards, and Square’s simple f...

In this article, we’re going to focus on Visa and Mastercard interchange categories and their effect on your processing fees. In order to do that, we first need to have a common understanding of the basics. Interchange Basics Refresher In my article on interchange rates and fees, I mention several times that there are many different interchan...

Business Product 1 applies to card-not-present transactions and Business Product 2 applies to card-present transactions.There are additional “sub-categories,” determined by spend tiers 1-5. Note that Visa uses Roman numerals, so the spend tiers are I, II, III, IV, and V. Spend tiers relate to the cardholder spending requirements and range from $0 i...

The two categories essentially replaced Visa’s prior CPS interchange program, and apply to different consumer credit transactions. The broadest difference is that Restaurant 1 applies to card-not-present transactions and Restaurant 2 applies to card-present transactions. There are additional “sub-categories” with Restaurant 1 and 2, but unlike w...

Product 1 and Product 2 are common interchange categories for a variety of business types. The categories essentially replaced Visa’s prior CPS interchange program, and apply to different consumer credit transactions. The broadest difference is that Product 1 applies to card-not-present transactions and Product 2 applies to card-present transaction...

Excerpt style. There are few products in life that provide more luxury, status, or celebration than a beautiful piece of jewelry. Since ancient times, precious metals and gems have been crafted into items designed to catch the eye. If you're involved in jewelry retail, you know how important it is to provide the products, services, and ambiance tha...