The Merchant Processing Guru Tip#4: What is Interchange? Visa & MasterCard, known in the credit card processing industry as the Associations, set the wholesale pricing that all processors must pay to the Associations and the issuing banks for each transaction processed. The complexity of this interchange system makes it next to impossible for most business owners to decipher what is being offered to them by the processing company.
To make things worse, many processors today still don’t offer merchants the advantages of the full interchange program. One example of this is the 3 tiered system where you have a, typically low “qualified rate”, a higher “mid-qualified” rate and an even higher “non-qualified” rate, this guarantees a higher income for the processor and so they still prefer to use this method if they can.
Even if you are offered a full interchange program, it is very difficult to know if you are set up in the most cost effective way for you, the business owner. This has been my mission for the passed 9 years, to educate you and set you up with the right processing strategy so that you never have to switch again. Many of those using my services today tell me of how they have given out their statements to other reps for a comparison, only to have them returned with a reply like this: “Sorry, but we can’t save you any money”. That is music to my ears. It is my intention that you will process with me for the entire time you are in business and my small contribution to helping you stay in business is to ensure that your merchant processing fees are the lowest they can be.
For a comprehensive comparison email or fax me your most recent statement to: [email protected] or fax: 1-888-726-9267 and I will analyze it and get back to you with a full explanation of where you can improve what you are being charged and how I can help you accomplish that.