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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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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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AVS Downgrades Increase Your Fees
Address Verification System (AVS) is a common fraud-prevention measure for card-not-present transactions. AVS checks that the purchaser is in fact the cardholder by requesting the address and ZIP code for the card and comparing it to the bank’s records. Presumably, a fraudster would not know this information and would be prevented from making an e-commerce or over-the-phone purchase.
Christina Lavingia
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Amex OptBlue vs. Amex Direct
Why don’t businesses accept American Express as commonly as Visa and MasterCard? Traditionally, a huge profit driver for Amex was its high Flat-rate processing, making it more expensive and less appealing to businesses. True to form, Amex also operated a bit differently than Visa and MasterCard when it came to the configuration of its merchant accounts until now.
Christina Lavingia
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What Are the Most Common Credit Card Decline Codes?
Contrary to popular belief, insufficient funds is not the most common reason for a credit card to decline. In fact, there are a plethora of credit card decline codes that occur more frequently. To relieve the awkwardness that ensues after stating “Sorry, your credit card was declined,” we’re identifying the most common credit card decline codes and how to solve them to alleviate tension at checkout. Payment Processing Demo Schedule 15 minutes with a payments expert Get a customized PayJunction product walk-through Understand requirements and pricing Determine your SAVINGS! GET DEMO NOW
Ursula Librizzi
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Unethical Providers Charge Non-Qualified Interchange
Editor's Note: In 2021, Visa introduced a legitimate classifications of 'Non-Qualified Consumer Credit' and 'Non-Qualified Commercial Credit.' However, if you see Non-Qualified for other card types (Mastercard, Discover, Amex) it is still considered a hidden mark up fee.
Ursula Librizzi
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