I have a question about a specific company – [removed to protect the guilty]. They are saying the rate they can provide is 1.54% on qualified and mid-qualified cards (“flat wholesale rate”). The only other rate is “up to 4.61%” on non-qualified cards. Then they charge a three-cent credit card transaction fee and no basis […]
Sometimes it’s easier to explain pitfalls in credit card processing by using real situations our clients have encountered. The 1.54% “flat wholesale rate” is one example.
Before you can negotiate credit card processing fees, you have to know which fees are flexible. Credit card processing is like any other industry in that there are fixed costs and markups. Fixed costs are those that a processor can’t change, and markups are open to discussion. Understanding the components of credit card processing cost […]
Some credit card processing fees are negotiable, and some aren’t. If you’re looking to lower credit card processing fee, put the spreadsheet aside for a moment and read this article before you call another processor to ask the fateful question, “What’s your rate?”
There’s a lot of confusion about American Express merchant services. We regularly field questions about discount rates, pricing models, and settlement. In this article, we’ll explain everything you need to know about accepting American Express at a business. Just looking to see costs to take Amex cards? For the most up-to-date pricing, use our free […]
In the past, American Express was the most expensive credit card to accept; a reputation that it hasn’t shaken despite introducing a new pricing structure to bring costs more in line with other card brands.
If you use Intuit for your merchant services, you may find your monthly statements confusing. This tutorial will show you to read an Intuit merchant statement, and it will highlight the aspects of Intuit’s credit card processing services that make it expensive and opaque when compared to more competitive options that we will cover. The […]
Understanding an Intuit merchant statement means reading between the lines.
If you’re wondering if your credit card machine can be reprogrammed, here’s the scoop: Some credit card machines can be reprogrammed to work with virtually any credit card processing service, while other machines will only work with a specific processor. Older credit card machines that don’t have the proper hardware and memory to support modern […]
Businesses that are considering switching credit card processors wonder, “Can I use my credit card machine with another processor?”
Tiered pricing is an opaque and expensive merchant account pricing model.
Tiered merchant account pricing is currently the most common form of pricing for credit card processing services. Tiered pricing is opaque, expensive and is the vehicle for many of the hidden fees that plague the credit card processing industry.
This article will provide the general steps and knowledge necessary to decipher your small business credit card processing statement, and will link to detailed examples of actual statement analyses that will allow you to follow along as we dissect various merchant account statements. Existing Clients: If you used CardFellow to find your current processor and […]
It’s not enough to simply read a merchant processing statement; the real goal is to understand what you are reading, where your money is going, and to determine whether your business has competitive credit card processing fees.
This decision overturns a 1992 ruling in Quill Corp. v. North Dakota in which the Supreme Court ruled that a business must have a physical presence in a state for that state to require it to collect sales taxes. That means that any online business did not have to pay sales tax in states where it did […]
In 2018, the Supreme Court ruled in South Dakota v. Wayfair that states can require businesses to collect sales tax in states where they don’t have a business presence.
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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