“Transparency” Posts

Interchange Pricing vs. Flat

Interchange Pricing vs. Flat

For starters, there are more rate plans for your business to consider than just Flat and Interchange 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 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, so if…

6 Questions to Ask If You Don’t Understand Your Merchant Statements

6 Questions to Ask If You Don’t Understand Your Merchant Statements

We understand that trying to read your merchant statements can range from frustrating to downright impossible. We can relate to this even though our risk department reviews hundreds of merchant statements every month. Our combined years of experience analyzing merchant statements have allowed us to identify the following six questions which we encourage every business owner to consider. Rather than surrender to the complexity of your merchant statements, do what’s best for your business and seek answers to any questions you have. Not doing so could cost your business thousands of dollars in hidden fees and unethical billing. Do…

How to Read a PayJunction Merchant Statement on Tiered Pricing

How to Read a PayJunction Merchant Statement on Tiered Pricing

At PayJunction, we provide a detailed breakdown of our customers’ bills each month, which we’ll show you how to read below. For customers on Tiered pricing, transactions fall into three or four price tiers dictated by the risk or reward associated with the transaction — the higher the risk (e.g. keying in a transaction) or reward (e.g. an airline miles card), the higher the cost. The major benefit of Tiered pricing is its easy-to-understand structure. In the processing-details section of our merchant statements, you can see which tier each transaction falls into and the corresponding rate applied. Understanding…

How to Read a PayJunction Merchant Statement on Interchange-Plus Pricing

How to Read a PayJunction Merchant Statement on Interchange-Plus Pricing

At PayJunction, we provide a detailed breakdown of our customers’ bills each month, which we’ll discuss in detail below. For customers on Interchange-plus pricing, transactions are charged based on their wholesale cost (as dictated by the card brands Visa, MasterCard, Discover and Amex) plus a consistent provider markup. The major benefits with Interchange-plus pricing are transparency and affordability. You know exactly what the true cost is for each transaction and how much money you’re paying your provider. In the processing-details section of our merchant statements, you can see each card type, the discount (or wholesale) rate and the…