It’s time to get rid of MDR in payments – Merchant Discount Rate

Merchant Discount Rate in Payments Needs to Go Away

Merchant Discount Rate (MDR) sounds like a good thing. Who doesn’t want a discount? But the term is highly misleading. Watch out. When you hear MDR from your payment processor, think hidden fees. What is a merchant discount rate (MDR)? There are several pricing models in payments and MDR is used in the “tiered” pricing […]

Businesses need to watch out for reserves in payment processing

Email invoicing for credit card payments

Do you know what puts most businesses out of business? Reduced cash flow. After a business makes a sale, if it doesn’t get the funds from the transaction quickly, cashflow is restricted and this puts the business in a tough position. Reserves hold back your funds A reserve is when a payment processor holds funds […]

Visa and MasterCard Interchange Fees in Canada are Changing

Make a credit card payment

Interchange is the fee collected by credit card issuers on every transaction. These interchange rates in Canada are set by Visa and MasterCard and are mandatory for all credit card processors.   Changes in Canadian Interchange Fees Visa and MasterCard are changing their interchange fees starting on July 18, 2020 and August 1, 2020, respectively. The […]

Build passive income while helping local businesses

People happy about payment processing

Clearly Payments, a Canadian payment processor that was built from the ground up to have the lowest payment processing fees, has launched an Ambassador Program. People in the community can take part in a program that builds passive income at the same time as helping local businesses reduce their payment processing fees. A true win-win. The […]

You Inspire People by Doing Your Best

Working hard at your computer

Many things inspire people. And people are inspired by many different things. We get that. Characteristics like passion, empathy, and honesty are all inspiring. Those characteristics are important in business and life. However, above all, inspiration is born from people striving to do great work.  People are always watching you. They watch what you do […]

Dentists deploy contactless payments for social distancing

Dentists use contactless payments for social distancing

Patients prefer convenience, speed, and minimal contact when they pay after their dental visit. This trend, particularly minimal contact, has been slowly gaining traction for years, however, COVID 19 has accelerated this movement dramatically. Contactless payments minimizes the risk of contracting COVID 19 during the payment process for both patients and healthcare workers. Dentists are […]

Dentists reduce credit card processing cost with wholesale membership plan

Dentist Payment Processing

The fees for payment processing add up. Many dentists don’t know how much they are paying, but they do know they are paying too much. All too often, dentists think they have low fees, but in reality, they are paying 3% or more. It is important to state this clearly: no dentist should be paying […]

Social Distancing: Let your customers pay by credit card while remote

Make a credit card payment

Businesses are working remotely. The remote working trend is only increasing, especially during the COVID-19 crisis the world is experiencing. It is becoming more important to let customers pay remotely. We’ve been helping many businesses get set up to take credit card payments while they are working from home or remote offices. These businesses have […]

What is underwriting and merchant account risk?

Payment Costs

Credit card processors (or merchant service providers) have exposure to losing the money. That’s the risk which merchant account providers take. By the way, here’s a great book on the history of risk. Some merchants process $20,000/year in credit card sales, some process $200 million/year. The higher the credit card processing amount, the more the […]

Clearly Payments Inc. announces appointment of new CEO and the launch of membership payments

Clearly Payments News

New financial technology firm aims to drive down the cost of accepting payments for merchants and bring radical transparency to the payments space. FOR IMMEDIATE RELEASE _____________________________________________________________________________ News provided by Clearly Payments Inc. March 2, 2020 _____________________________________________________________________________ VANCOUVER BC, MARCH 2, 2020. Clearly Payments, a Vancouver based payments company and merchant services provider,  today announced […]