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Featured Resource: Assess Your
Merchant Statements
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.
READ MOREMasterCard announced a new assessment fee that will be billed per business location that accepts its cards.
READ MORESen. 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, the cardholder can be verified and sufficient funds confirmed before the transaction is processed. Credit isn’t even involved.
READ MOREThere’s a lot to consider when you’re starting a new business or even just updating your payment processing; and your rate plan can greatly impact your bottom line. We’re going to review two common rate plans side by side: Flat vs. Tiered pricing.
READ MOREIf your business is on Interchange pricing, you may think you have the most transparent rate plan. This is a fair assumption, so long as you’re being charged true Interchange.
READ MOREYou're setting up your company’s credit card processing and are considering your rate plan options. If you’re concerned about costs, you’ve likely narrowed your research to Tiered and Interchange plus pricing.
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