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How MCC and SIC Codes Impact Credit Card Processing
It’s no surprise that there are various types of businesses. However, you might not know that there’s a formal classification system for businesses that can impact their credit card processing.
Christina Lavingia
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Why Sudden Merchant Account Termination Occurs
Considerable logistics and providers are required to process credit card payments for your business. Whether you sell online, in a brick-and-mortar location or both, you need a merchant account to accept credit card payments.
Christina Lavingia
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What Causes Interchange Fluctuation?
If you’re on an Interchange-plus rate plan, you pay the wholesale cost to run a transaction (known as Interchange) plus a provider markup. The wholesale cost is determined by the card brands (Visa, MasterCard, Discover and Amex) and accounts for the risk or rewards associated with the card.
Christina Lavingia
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How Level 2 Credit Card Data Impacts Interchange Fees
Processing a credit card starts a chain reaction of communication. Your Merchant Account Provider sends the transaction info to the card association network via its processor (aka the technical glue that handles the transmission of transactions). Then, the card network reviews the transaction info and responds with an approval or denial, which is communicated back to the provider to complete the transaction. This all happens in a matter of seconds.
Ursula Librizzi
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How Refunds Impact Credit Card Processing Fees
Unless you have a no-returns policy, refunds are unavoidable. Even if your goods are in pristine condition, a change of heart can be enough to reverse a purchase decision.
Christina Lavingia
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What Is a Monthly Minimum Fee?
It’s said there’s no such thing as a free lunch, and the adage definitely holds true for the payments space. Whenever a service is rendered, it generally comes at a cost, which is why Merchant Account Providers charge monthly minimum fees.
Christina Lavingia
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