| Card Processing FAQ:
Accept Visa, MasterCard, American Express and all Credit Cards.
Lower Your Current Rates.
Credit Card Equipment.
Volume Discounts as low as 1.35% for restaurants.
We will Beat or Meet any Written Bid.
New Accounts without current volume history will start at 2.5% for 6 months when a monthly average volume will be established.
Visa -MasterCard Interchange Rate Increases for April 1, 2004 are 0.011% Plus $0.05 for Swiped Visa and MasterCards cards.
For an Interchange Swipe Rate of approx. 1.5% and $0.10 This is the cost to the Processors from the Association of Banks called Visa-MasterCard.
Rate FAQ:
What is the Interchange Rate?
Similar to the National Prime Rate (The Rate Banks Charge each other for the use of money.) The National Interchange Rates are set by the Visa – MasterCard System which is an Association of Banks. These Rates are what the Banks charge a Processor for the privilege of using the Visa - MasterCard Electronic Data Capture System. These Rates are passed on to the Processor and then on to the Merchant. They are Non-Negotiable and they are subject to change each year, usually on the 1st. of April.
The Merchant’s Rate Pie
Retail Restaurant Example:(A Merchant’s Rate is 1.75% Plus $0.10 Per Transaction)On a $50.00 Dinner a Swiped Visa Card Who’s Rate is 1.75% + $0.10 Per Transaction = $0.98 The Visa Interchange Swipe Rate Charge to the Processor is 1.39% plus $0.10 = $0.80 The Bank Assessment which is the Card Issuers Fee for handling is approx. 0.06% = $0.03The Processor’s Fee for Authorizing and Transfer of Cash on the example above is 0.3% = $0.15 (The Processor is the Bank or Company who will Authorize, Capture and Transfer Funds and is Negotiable on Volume)(*Note an Agent/Broker who signs you up receives on average 20% of the Processor’s Fee = $0.03 above)(Though small this is also negotiable at times.)Totals: $0.80 + $0.03 + $0.15 = $0.98 The Above is an *Effective Rate of 1.98% for the Swiped Card.In addition to the above each Processor may charge a wide variety of fees such as an application fee, a monthly statement fee, an annual fee, customer service fee and monthly minimums etc. These may be difficult to read on your statement due to few industry standards or regulations and may raise your *Effective Rate substantially depending on your volume and average ticket transaction. Most Merchants Calculate their Effective Rate by Dividing the Monthly amount taken out of deposits by the Total Deposit.All of these fees are negotiable especially when a good credit history and higher volumes are indicated.Interchange Rate Increases for 2003 as of August 1st. National Rate Increases from Visa/MasterCard Association of Banks. Visa Interchange August 2003 Card Present Swiped CPS Retail 1.43% + $0.10 CPS/Retail Keyed Entered:1.85% + $0.10 CPS/Card Not Present 1.85% + $0.10 CPS/Electronic E Commerce 1.85% + $0.10 MasterCard Interchange August 2003 Merit lll:1.43% + $0.10 Merit 1:1.90% + $0.10 Keyed Entered :1.90% + $0.10 The following are Interchange Rate Increases for April 1st. 2003They are the costs charged to your Processor by the Visa – MasterCard System an Association of Banks and passed on to the Processor and the Merchant. They do not include the communication costs for authorizations, deposit transfers of funds, statement tracking, printing, postage, labor or other costs of doing business of the Processor.The Lowest Cost Rate is an “In Person Presented-On Premise-Swiped and Electronically Read Card”. (All Higher Rates are based on risk depending on presentation and capture procedure.) Visa Interchange Rate Increases: CPS/Retail will increase from 1.37% + $0.10 to 1.39% + $0.10 for an On Premise Swiped Card. MasterCard Interchange Rate Increases:Merit III (On-Premise Swiped Card) increase from 1.38% + $0.10 to 1.4% + $0.10 *The Above Rates are only a partial listing of the 40 Plus Interchange Rates and are not intended to be an exact reference of published rates by Visa/MasterCard and are subject to change.
FREE SAVINGS ANALYSIS:
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