“Transparency” Posts

Why We Care About Ethical Credit Card Processing

Why We Care About Ethical Credit Card Processing

Read enough about PayJunction’s company culture, and it’s clear we prioritize long-term relationships over short-term profit. That’s not just a nice-sounding statement, it’s what we practice every day with our customers. Since we launched our blog, we’ve largely focused on unethical billing issues. These are the unfortunate, but all-too-common, ways players in the payments space unfairly profit off their customers. Because everyone does it, there’s an assumption among providers that it’s OK. Business owners are left to believe they can’t escape fake fees and hidden markups because they’re the norm. Complex…

MasterCard Announces New Merchant Location Fee

MasterCard Announces New Merchant Location Fee

MasterCard announced a new assessment fee that will be billed per business location that accepts its cards. MasterCard’s Merchant Location Fee will be charged to Merchant Account Providers for 2016 onward. Providers will pass the fee onto their customers (that’s you). Though this $15 fee is scheduled to be billed annually, providers may choose to bill it monthly or quarterly instead. Because the fee is determined by MasterCard, it should never exceed the set amount. If you are charged more than $15 annually for the MasterCard Merchant Location Fee, your provider is practicing unethical billing. The following information…

Trump Repealing the Durbin Amendment Will Hit Payment Facilitators Hardest

Trump Repealing the Durbin Amendment Will Hit Payment Facilitators Hardest

Sen. Richard J. Durbin’s (D-Ill.) introduction of Regulation II as a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act was well-intentioned and logical from a payments perspective. Interchange — the wholesale cost to run a credit or debit card transaction — is set by the card brands (Visa, MasterCard, Discover and Amex). Interchange should be proportional to the risk of a given transaction, however, businesses were paying upwards of a 1% to 3% Interchange for swiped debit card transactions — one of the least risky transaction types — before the Durbin Amendment was passed. With a card-present debit transaction,…

Increase Your Oversight With User Access Controls

Increase Your Oversight With User Access Controls

We all know the trope “with great power comes great responsibility.” Our Virtual Terminal offers business owners unprecedented functionality. It generates beautiful financial reports, stores transaction information securely, streamlines multi-location and department management and makes recurring billing a cakewalk (among other benefits). That said, managing all this information can be a slippery slope if too many employees have access to it. Luckily, we’ve addressed that concern with user access controls. Grant admin user status for all Virtual Terminal functionality or designate employees as restricted users to restrict any of the following actions as you see fit: Select Which Employees…

Interchange Plus Pricing vs. Flat

Interchange Plus Pricing vs. Flat

For starters, there are more rate plans for your business to consider than just Flat and Interchange plus pricing. That said, comparing too many options at once can be overwhelming; therefore, we’re going to focus on only two plans to simplify things a bit. If you’re just starting to accept credit card payments, a Flat rate plan might be the best to start with. If your business is more mature, Interchange plus pricing will likely be more advantageous. Let’s dive into an explanation of each option. Flat Rate Pricing Payment Facilitators offer their customers Flat rate pricing,…