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Understanding Fees Associated with Veterinary Merchant Services
Blending compassionate care for animals and efficient business management is essential for veterinary clinics and animal hospitals. Ensuring payments are accepted and processed securely and efficiently—a function referred to as veterinary merchant services—is paramount among the staff’s responsibilities. The myriad of fees associated with payments carries implications for the practice's financial well-being. This article delves into these fees, offering insights to help veterinary professionals navigate merchant service agreements adeptly, thus allowing them to devote more attention to their primary focus: caring for their patients.
PayJunction Team
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How To Manage the Cost of Payments When Interchange Rates Increase
The four card brands—American Express, Discover, Mastercard and Visa—assess Interchange fees on card payments to compensate the card-issuing banks for processing transactions. Fees are typically reviewed and adjusted once or twice a year, in April and October. In 2020, due to the COVID-19 pandemic, the card brands suspended most practices so as not to further burden businesses hit with closures, labor, supply chain issues and other challenges.
PayJunction Team
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What Is an AVS Mismatch?
Declined transactions are stressful. No cardholder likes being in that position, and it’s a tense situation for business owners who lack answers to rectify the issue.
Christina Lavingia
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What Is MOTO Credit Card Processing?
MOTO stands for Mail Order/Telephone Order and is a credit card processing pricing setup on a Tiered plan. MOTO credit card processing is best suited for businesses that primarily accept card-not-present transactions: Examples include e-commerce and delivery-based businesses. In contrast, Retail pricing is appropriate when the majority of transactions occur in-person.
Christina Lavingia
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What Is Level 3 Processing and How It Optimizes Transaction Costs
Many large corporations and government agencies provide their employees with commercial credit cards to make purchases or pay invoices, which allows buyers to better track spending across their organization.
PayJunction Team
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Credit Card Payment Processing Fees Explained
If you’re running a business, you could be leaving a lot of money on the table by not accepting credit card payments. According to Intuit, not accepting credit cards can cost the typical business $7,000 in annual sales. At the same time, it’s easy to understand how the various fees and requirements of accepting credit card payments can make the prospect seem daunting and complex – and most of all, potentially costly.
Christina Lavingia
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