You must make sure that you’re not being looted in the name of special merchant services. We’re here to help you navigate credit card processing and help you get the best rate possible for your business. So, stick around!
Factors that affect the rate:
Privileged services:
Privileged services would not affect the basic rate, but it would surely affect your markup in the name of, PCI compliance, merchant gateway, statement fees and so on. So, kindly take in consideration all types of costs before signing up for an account.
Size of the ticket:
Different variations in your ticket size affect your price. Bigger ticket sizes are considered as high-risk that eventually increase the rate for you.
PCI Compliance:
PCI-Compliance is like a vow to protect the customer’s identity. It is the set of rules, which a company has to follow to keep the personal information of its customers safe.
Other considerations:
Many of the processors will charge you a minimum fee if you don’t meet a specific volume of processing. Many of them won’t show it to you at all. Also, worth noting is that if you have purchased a CNP (Card not present) then you might get a better rate otherwise, you get charged extra.
There is no control over the rates as all the companies have their own entities deciding on the rate. There could be a standard rate decided by a group or a region, but no one can say that the rate could be matched or has a single pricing model for all kinds of companies.
Wherever you can ask, we suggest you ask for interchange-plus pricing. Even if merchant accounts never promote these plans, they often have them. It’s the most transparent payment model which doesn’t have enough margin.
All in all, we are here to provide you with proper information on how to get along in this fast-paced world which is changing in a blink.
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