5 Great Ways to Get Ripped Off by Credit Card Processors
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 you'll see tons of ads for "r...
The Dodd Frank Wall Street Reform and Consumer Protection Act Financial Reform and Your Business
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? "Interchange" is at the backbone of the credit card...
Many Processors will Profit from Durbin Fee Reductions
UPDATE: On June 29th the Federal Reserve's Board of Governors issued final rulings on debit card interchange fees and recommended a $0.21 cap and an ad-valorem fee of 5bps (0.05%). Check out our debit card charge calculator that shows signature and PIN debit charges before and after the Durbin Amendment. CardFellow.com, a leading credit card pr...
Credit Card Processing: How it Works
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. The bankcard networks that ferry billions of transactions ...
Tiered Pricing VS. Interchange Plus
Understanding how credit card processing fees are determined and how different merchant account pricing models work can save your business hundreds of dollars a month in transaction costs. One of the first questions you'll ask is "Which should I go with, tiered pricing or interchange plus?" Tiered pricing is never in your best interest, but don't j...
Credit Card Processing Fees & Rates
First of all, what does "credit card processing fees" actually mean? There are several different rates and fees that make up your total processing cost. In this article I'll explain the different aspects that contribute to the fees to give you a solid understanding of who's charging what and which areas of cost you can control. Not looking for e...
Interchange Plus Pricing
This often leads to lower costs when compared with other forms of pricing such as tiered or bundled. But what IS interchange plus pricing, exactly? And is it the best pricing model? In this article, we'll explain interchange plus in detail and take a look at the benefits. What is interchange plus? Interchange plus is the term used to describe...
Interchange Rates and Fees
Often shortened from “interchange reimbursement fees,” interchange refers to a set of categories that are used to determine the rates for individual card transactions. Every category has requirements for eligibility and a rate associated. Those rates change at the card brands' discretion, typically twice a year. Interchange can be a complex topi...
