Yeah, credit assessment is .14, debit is .13.
The problem isn't that there aren't strong anti-fraud tools available, it's that businesses by and large don't use them. Merchants struggle as a whole to get to even 50% of card-accepting businesses actually being PCI…
Nah, they've been fine with cash discounts for a long time. They only became okay with surcharging / adding a fee for cards as a result of a lawsuit in 2013. They'd still prefer businesses offer a cash discount, though.…
Definitely the case for some, I know a lot of developers love Stripe's documentation. But some others just plain equate simplicity and low cost. They have no idea how to read their complex merchant processing statement,…
I'll agree that processing is surprisingly lightly-regulated.
Visa / MC rates aren't 2.5%. There are multiple components to the final rate that a business pays, with the bulk of it being interchange, which goes to the banks that issue cards. Visa/MC only get assessments and dues,…
True, although Visa card circulation far eclipses MC, so you could take the gamble that they'll have a Visa. Last I checked, Visa actually had more cards in circulation than all three of the other major brands combined.…
Amex lowered their fees in 2015 through their Optblue program. They're still a little bit higher than Visa/MC, but much closer than they were. If you're still getting high Amex (3.5% or more) your processor is pocketing…
I agree that there isn't much of a way to get lower interchange fees, but many, many businesses overpay at the processor level, where there IS a way to get lower total costs. >contract terms in many places preventing…
Amex actually lowered their fees to be more in line with Visa/MC through its Optblue program back in 2015. The fact that many businesses don't know that is just a testament to the complexity and confusion in the…
Merchants actually can charge more for credit card usage now. It's been permissible since a 2013 lawsuit, except in 9 states where it's prohibited by state law.
Visa and MasterCard have permitted surcharging for credit card use since 2013, as the result of a class action lawsuit.
Banks get money either way. They get most of the money from a credit card transaction.
Couple things - Chase Paymentech and First Data are processors, not banks. I'd be careful going to banks for processing, because it tends to be among the most expensive and opaque you can get. (Bank of America and Wells…
Yeah, credit assessment is .14, debit is .13.
The problem isn't that there aren't strong anti-fraud tools available, it's that businesses by and large don't use them. Merchants struggle as a whole to get to even 50% of card-accepting businesses actually being PCI…
Nah, they've been fine with cash discounts for a long time. They only became okay with surcharging / adding a fee for cards as a result of a lawsuit in 2013. They'd still prefer businesses offer a cash discount, though.…
Definitely the case for some, I know a lot of developers love Stripe's documentation. But some others just plain equate simplicity and low cost. They have no idea how to read their complex merchant processing statement,…
I'll agree that processing is surprisingly lightly-regulated.
Visa / MC rates aren't 2.5%. There are multiple components to the final rate that a business pays, with the bulk of it being interchange, which goes to the banks that issue cards. Visa/MC only get assessments and dues,…
True, although Visa card circulation far eclipses MC, so you could take the gamble that they'll have a Visa. Last I checked, Visa actually had more cards in circulation than all three of the other major brands combined.…
Amex lowered their fees in 2015 through their Optblue program. They're still a little bit higher than Visa/MC, but much closer than they were. If you're still getting high Amex (3.5% or more) your processor is pocketing…
I agree that there isn't much of a way to get lower interchange fees, but many, many businesses overpay at the processor level, where there IS a way to get lower total costs. >contract terms in many places preventing…
Amex actually lowered their fees to be more in line with Visa/MC through its Optblue program back in 2015. The fact that many businesses don't know that is just a testament to the complexity and confusion in the…
Merchants actually can charge more for credit card usage now. It's been permissible since a 2013 lawsuit, except in 9 states where it's prohibited by state law.
Visa and MasterCard have permitted surcharging for credit card use since 2013, as the result of a class action lawsuit.
Banks get money either way. They get most of the money from a credit card transaction.
Couple things - Chase Paymentech and First Data are processors, not banks. I'd be careful going to banks for processing, because it tends to be among the most expensive and opaque you can get. (Bank of America and Wells…