The Most Expensive Credit Cards for Merchants?
Credit cards have revolutionized the way we transact, providing convenience and security for consumers worldwide. However, for merchants, accepting credit card payments comes with fees that range from 1.9% to sometimes well over 5%. In this article, we cover some of the credit cards that are known to be more expensive for merchants. By understanding […]
Cancel and Switch from Lightspeed to Reduce Fees
Payment processing and point-of-sale systems can be complex and frustrating at times. The Toronto Star article titled “All Stick, No Carrot: Store Owner Balks at Sales Terminal Company’s Fee for a Service He Doesn’t Need” discusses the frustration of a store owner who is being charged for a service he does not require. The owner […]
Interchange Rates by Credit Card Tier
Interchange rates are fees that merchants pay to the banks that issue credit cards for processing payments. These rates vary depending on the type of credit card, the transaction amount, and the merchant’s industry. This article focuses on the credit card type from the basic starter credit card to the exclusive and fancy “black” credit […]
Merchants That Pay the Highest Interchange Fees in Payments
Interchange rates are fees that merchants pay to credit card processors and issuing banks for accepting credit card payments. The fee is based on things such as the type of credit card being used (premium, rewards, basic, etc), the type of transaction (in-person, online, etc), and the type of business (high risk, low risk, etc). In […]
The Average Interchange Fee
Interchange fees are the biggest part of the fees that merchants pay whenever a credit card is used for a transaction at their business. This fee is paid by the merchant to the issuing bank as a percentage of the transaction amount. There are also additional fees that merchants pay for processing the payment. This […]
The 8 Things you can do to Reduce Chargebacks
In credit card processing, a chargeback is a process by which a cardholder disputes a charge on their credit card statement with their issuing bank. The card issuer then investigates the dispute. If the issuer finds it was a false or incorrect charge, they will reverse the charge and refund the credit card holder’s money. […]
How Interchange Rates Work in Payments
Interchange fees, also known as swipe fees, are charges that merchants pay when a customer uses a credit card to make a purchase. Sometime interchange rates also apply to debit cards, in particular Visa Debit Cards. Interchange fees are primarily a percentage of the total transaction amount and they are paid to the issuing bank of the […]
Stop Funding Delays in Credit Card Processing
One of the great things about credit card processing is that funds are deposited into your bank account within one or two days without having to go to the bank. Everything is digital. However, not all payment processors are equal. Some do same day or next day funding, like Clearly Payments, and some payment processors […]
How Much Does Credit Card Processing Cost?
Credit card processing is one of the “must-haves” for a lot of businesses. This is especially true because the world is moving to a cashless and internet-based economy. Payment processing is more similar to a utility, such as electricity or water. Unlike a traditional utility which has very few suppliers and frequently only one option, […]
Early Termination Fees in Payment Processing
An early termination fee in credit card processing is an extra charge that a merchant gets for cancelling their merchant account prior to the termination date set in their contract. The design of early termination fees is to discourage merchants from leaving. It is supposed to reduce churn. All payment processors want to make a […]