When it comes to credit card processing and paying interchange fees - the more you make,Guest Posting the more you pay. But when it comes to the rates and fees that you pay to your merchant account provider, this is not always the case. Tiered, enhanced recover reduced (ERR) and interchange plus pricing are all volume based pricing models, but flat fee merchant account pricing is not.
Interchange fees are most easily described as wholesale credit card processing rates that are influenced by issuing banks and stakeholders of the major card brands Visa, MasterCard and Discover. Interchange fees are expressed as a percentage with a flat transaction fee. For example, 1.54% plus $0.10 is an interchange fee associated with a category for retail merchants.
When you process a credit card transaction, you pay something called the become an iso merchant services discount fee. This fee is made up of a number of different charges from the card brand (Visa, MasterCard, etc.), your acquiring organization (the company where you have your merchant account) and other fees. But interchange expenses account for the bulk of the numerous charges that comprise the merchant discount fee.
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Credit card processing options for an ever-changing market
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Posted 03 November 2022 - 11:02 AM
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