Teaser rates are a part of marketing. Quite often they are used to acquire new customers by having a discount. For example, “join now and get 25% off for six months.” That’s a great benefit. However, sometimes those advertised teaser rates can be misleading. You will see this in many industries and certainly payment processing. […]
Many businesses don’t know how much they should be paying for credit card processing. However, we can guarantee you that the average merchant is paying too much. It can make a big difference in the cash flow of your business. It’s not fun but it’s worth the time to take a few small steps to […]
Merchants are paying too much on payment processing. That’s a fact. Most merchants have the opportunity to save significantly on accepting payments if they follow a few simple strategies. We know this first hand. Many merchants are paying 3% to 6%, which is very high, including transaction fees ranging from $0.10 to $0.50, in addition […]
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 […]
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 […]
Reading credit card statements is complicated. There is no standard and there are no regulations enforcing a pricing method. There is a credit card processing code of conduct, but it is not enforced because it is more of a recommendation. We’ll take you through a few things that will help you read and understand your […]
Getting good rates from a credit card processor is tough but not impossible. It can be complicated to understand your rates. Credit card processing has some of the most complex pricing of any industry. We’re trying to remove that complexity or at least make it so you don’t need to care about it. Here are […]
You need to make sure you have good rates as a merchant. If you don’t have good credit card processing rates, it means less cash flow for you. You have higher costs, less profit, and will potentially need to resort to higher prices for your customers. It’s a downward spiral that makes it hard to […]
First, just because a payment processor says they will get you 1.54% rates does not mean that is what you will pay. It’s unfortunate but true. Keep in mind, it is possible that there is a credit card type using a particular payment method that will give you that rate, but 99% of your transactions […]
If there is one point you should take from this article, it is that Interchange Plus pricing is by far the most merchant friendly pricing model in credit card processing. If you don’t have interchange plus, get it. It is the model that is most difficult to have unexpected fees and it is the easiest […]
