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Nov
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2014

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Not all credit cards are the same, and neither are payment processors

Posted by Renata Sandor
on 2014-11-20 12:29:13 / comments

Running a <a href="/post/5-small-business-investments-that-pay-for-themselves">small business</a> has many components that require trusted vendors. You have to <a href="/post/get-the-most-out-of-your-money">spend money to make money</a>, and that is especially true of <a href="/">business essentials</a> like your internet service. It’s important to do your homework with each service that you purchase because not all vendors are the same and they’re not priced the same. Some <a href="/post/having-the-big-talk-what-to-discuss-when-choosing-a-payment-processor">payment processors</a> charge more than others by using tiered pricing models. Each <a href="/post/how-not-to-dispute-a-credit-card-charge">credit card</a> issuer, like MasterCard or Visa, has a set rate that they charge to accept payment with a swipe (this ranges widely, generally between 0.5 percent and 3.0 percent). However, in addition to this set cost, many merchant processors set up tiered pricing, which bundles cards into cost groups, or tiers. Some merchant processors tend to quote the cost of processing cards at the lowest tier while grouping the most popular cards in a higher tier. The key is to look for interchange pricing. In the payment processing industry, interchange means cost, so interchange pricing is the card issuer’s cost of swiping the card plus a small fixed service fee that removes the element of surprise. Interchange pricing lets you know what your business will pay every time, regardless of the type of card that comes across the register. Evaluate vendors carefully - they are trying to get your business as much as you are trying to <a href="/post/4-ways-for-your-startup-to-quickly-get-new-customers">attract new clients or customers</a>. <a href="/post/the-value-of-small-business-expanding-payment-options">Give your small business</a> the services and vendor relationships that it needs to thrive while taking care of the bottom line.

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Not all credit cards are the same, and neither are payment processors

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