MerchantPlus » Blog https://www.merchantplus.com Thu, 24 Apr 2014 08:23:38 +0000 en-US hourly 1 http://wordpress.org/?v=3.9 Interested in a Mobile Payments Processing Solution? Now accepting Beta testers for our Windows , iPhone and Android Payments App! https://www.merchantplus.com/blog/interested-mobile-payments-processing-solution-now-accepting-beta-testers-windows-iphone-android-payments-app/ https://www.merchantplus.com/blog/interested-mobile-payments-processing-solution-now-accepting-beta-testers-windows-iphone-android-payments-app/#comments Wed, 29 Jan 2014 22:26:23 +0000 http://www.merchantplus.com/?post_type=blog&p=3139 We are currently in the final stages of launching our awesome payments app and before we do that we’d like the public to test it out. The app itself is sleek and simple making the process of accepting payments seamless. We will set you up with a test account that will give you access to process payments via an app you would download on your device. We encourage any feedback you may have to better

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phone_1We are currently in the final stages of launching our awesome payments app and before we do that we’d like the public to test it out. The app itself is sleek and simple making the process of accepting payments seamless. We will set you up with a test account that will give you access to process payments via an app you would download on your device. We encourage any feedback you may have to better the app and also look forward to hearing how much you love it!

If you have a Windows phone, iPhone or Android and are interested in testing it out please contact us at support@merchantplus.com or call us at 212-812-4177. Provide us with the model of your phone and the email registered to it, we will then contact you with the details on getting you set up.

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Payment Strategies for High Growth Businesses – When are ‘flat fee’ plans a rip-off? https://www.merchantplus.com/blog/payment-strategies-high-growth-businesses-flat-fee-plans-rip/ https://www.merchantplus.com/blog/payment-strategies-high-growth-businesses-flat-fee-plans-rip/#comments Tue, 14 Jan 2014 21:04:44 +0000 http://www.merchantplus.com/?post_type=blog&p=3019 Stripe, Braintree, Intuit and others have massively popularized the idea of the flat fee payment processing account — no monthly fees and a per transaction cost that is simple and easy to understand.  In fact, MerchantPlus also recently introduced such a plan (called the “Starter Plan”) that offers a very common and competitive per transaction cost of 2.9% per sale.  These plans have become the most popular options for startups, developers and small online businesses

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Stripe, Braintree, Intuit and others have massively popularized the idea of the flat fee payment processing account — no monthly fees and a per transaction cost that is simple and easy to understand.  In fact, MerchantPlus also recently introduced such a plan (called the “Starter Plan”) that offers a very common and competitive per transaction cost of 2.9% per sale.  These plans have become the most popular options for startups, developers and small online businesses across the United States.

The question comes up, however, do these accounts stop making economic sense for a growing business at some point?   When is that?  The answer (in case you’re more a Cliff Notes kind of reader!) is at about $15,000/mo in sales.  The details behind that conclusion are a bit more nuanced and require a thorough explanation of the complicated part of the credit and debit card processing world: Interchange.

At some point, it is up to the business owner (or finance team/investors)  to determine when the simplicity of a flat rate pricing plan and no monthly fees of an “aggregator” account are trumped by the cost savings and added flexibility of a direct merchant account with an acquiring bank.

What is interchange and why is it important?

interchange-graphicInterchange fees are costs charged to process merchants to process various types of credit and debit card transactions, typically a percentage of the sale plus a per item cost.  The interchange fees are set by the card brands (Visa, Mastercard, primarily, but also Discover, AMEX, etc).   The fees are publicly published (Visa’s are here and Mastercard’s are here) and vary by the card type, issuing program that the card was created under and certain qualifications at the time of the transaction.  You can add to that mix some government regulation, specifically for debit card transactions.  A good overview on the status of U.S. regulation of debit card fees to merchants can be read here.

To give a popular example of interchange in action, the cost to process a Visa-branded “rewards” card (one that gives the card holder back points, cash or other benefits) is going to have a higher interchange fee than a similarly authorized non-rewards card.  These interchange fees primarily make their way back to the card issuer and are used to pay for the benefits of the card program.  You didn’t actually think that 1% cash back was a free gift from the bank, right?

Interchange can also vary by transaction type (key entered, swiped with magnetic stripe data or customer entered in an eCommerce scenario), but in this context we’re mainly talking about eCommerce or keyed in transaction rates.  eCommerce rates currently range from 1.80%-2.40% + $0.10 for Visa/MC credit cards OR 0.05% + $0.21 for debit or “check” cards.  With debit cards making up an even larger percentage of sales (particularly when the average ticket is under $50), the benefit of accessing regulated debit fees can be a huge savings point for merchants.

Are there additional fees other than interchange?

In order to have an apples to apples comparison to these “flat rate” pricing plans (often 2.9% + $0.30), it’s important to outline other fees that occur in the transaction chain.  These include:

  • Gateway fee – Often $0.05 up to $0.30 per transaction, depending on the features or vendor.
  • Network Authorization Fee – The fees charged to send the authorization request to the card issuer.    $0.05 to $0.10 is the normal range for this line item.
  • AVS Fees – The cost to leverage the Address Verification Service, generally around $0.05 and often bundled into the authorization fee.
  • Settlement Fee – The cost to capture or settle a transaction and start the process to actually move the money from the card holder’s account to the merchant / clearing side.  Add another $0.05 to $0.07 for this fee.
  • Batch Fee – Cost to close or capture a set of authorization within a given time period at the front end network.   Generally between $0.10 and $0.25 from most processors.
  • Interchange Markup – Merchants who provide “Interchange Pass Through” pricing will quote a basis point markup on top of interchange.  This can range from 5 to 100 or more basis points, depending on volume.
  • Monthly fees – You’ll often see a statement fee, account on file fee, online access, compliance or other types of maintenance fees related to each Merchant ID.

Without a doubt, understanding these different fee items and negotiating a proper merchant account provider is more complicated than choosing a flat fee account option from Stripe, MerchantPlus or Braintree.  However, understanding these intricacies can save some serious money as a business grows.

What are the economics behind the $15k/month breaking point?

First off, it’s important to recognize that any merchant that is working on an interchange-based pricing plan benefits from:

  • Regulated debit card rates
  • Interchange reimbursement for refunds / returns
  • The ability to identify transaction qualifications and optimize them

Secondly, we put together a model below which should help clear up how we came to the $15,000 number.  The assumptions we made are below:

Assumption
Ratio/Rate
Explanation
B2C / B2B Transactions90% / 10%Majority of eCommerce volume is B2C
Debit / Credit30% / 70%Depending on the business and its customer demographic, this can vary dramatically
Sales Refunds2%Estimation based upon return/refund rates
Average Transaction Size$!00Estimated ticket for general eCommerce and key entered transactions
Interchange Markup+ 0.3% & $0.10/eaMerchantPlus’ starting rate, which automatically decreases with volume
Monthly Fees$30/moCombined rate to include all monthly base fees for MerchantPlus’ Advanced account

Fees of “Starter” vs. “Advanced” Plan

Business Size
$ Processed
MP “Starter”
MP “Advanced”
% Difference
Analysis
Small$1,500$48$6841%Makes more sense to be on flat fee “Starter” account due to monthly fees.
Medium$15,000$448$381-17%At $15K it starts to have real impact on bottom line with a savings of 17% of total processing costs.
Large(r)$125,000$4,000$3,170-21%Savings increase at larger volumes to become over 20% savings on fees.
Enterprise$1.5M$48,000$37,000-23%With the MerchantPlus RateAssure program, the basis point markup decreases automatically, yielding powerful savings.

What these figures demonstrate: Flat fee plans from MerchantPlus (Starter Account), Stripe, Braintree and others are great options for small businesses. The actual break even point, where the cost for a flat fee program versus the cost for an interchange plan equal out varies based on your processing profile but for most MerchantPlus merchants is right around $4,500.

The benefits of simplified pricing start to be overcome by cost economics around the $15,000/mo mark.  

What are the options when a company outgrows a Flat Fee plan?

In order to receive interchange plus pricing, businesses should seek out a direct merchant account with a payment processor that offers Interchange “pass through” pricing plans.   It’s important to keep in mind that nearly every payment processor is selling the same underlying service (the ability to process bank card transactions), but there are hundreds of confusing pricing packages desired to attract merchants.  In many cases, these bundles mask fees and tie businesses into long term contracts.

Importance of Transparency

MerchantPlus, Stripe, Braintree and other internet-focused payment platforms have designed their offerings to help start-ups access advanced payments with clearly defined fees and powerful API’s.  Once a business reaches a certain scale, MerchantPlus and its Advanced and Enterprise plans can help businesses solve the next stage of technical, business and costs challenges with Interchange-based pricing, the unique RateAssure pricing scalability feature and a wide choice of technology platforms.

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Coming Soon – Our New and Improved Windows 8 Mobile Payments App! https://www.merchantplus.com/blog/coming-soon-new-windows-8-mobile-payments-app/ https://www.merchantplus.com/blog/coming-soon-new-windows-8-mobile-payments-app/#comments Fri, 22 Nov 2013 14:57:34 +0000 http://www.merchantplus.com/?p=2216 Mobile processing has always been a convenient way for our customers to be able to take payments anytime and anyplace.  Before smartphones, merchants would need to lug around specialized and expensive wireless payment terminals – but that has been greatly simplified with today’s smartphones. With the mobile ecosystems moving as fast as they are – MerchantPlus unfortunately had to pull our beloved Windows Phone 7 payment app from the Windows Tore several months ago.    Honestly,

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Mobile processing has always been a convenient way for our customers to be able to take payments anytime and anyplaceMobile Processing for Windows Phone 8.  Before smartphones, merchants would need to lug around specialized and expensive wireless payment terminals – but that has been greatly simplified with today’s smartphones.

With the mobile ecosystems moving as fast as they are – MerchantPlus unfortunately had to pull our beloved Windows Phone 7 payment app from the Windows Tore several months ago.    Honestly, we just couldn’t keep up with the changes from Windows Phone 7.5 to 7.8 and then 8.0.    However, we’ve been committed to provide cross-platform mobile apps and supporting every mobile OS and we’re happy to announce that we will be rolling out a new and improved Windows Phone 8 (WP8) mobile payment app later this year.

Every day, we receive calls and live chats about mobile processing solutions and, surprisingly, Windows Phone 8 is our most popular request!  Realizing this, we redoubled our efforts, found the best Windows Phone devs out there and designed, from the ground up, a brand new and easy to use mobile payments app.  We’ll be releasing the app before the end of the year.

Something else we learned with our previous WP7 offering was that our customers really needed a quick, convenient and low-cost way to accept payments on the go.  So, with our app, all you need to do is input the credit card information and hit submit – no dongle or card swiper necessary!   As always, you can still use the powerful NaviGate gateway platform to process cards through your eCommerce website, subscription billing platform or through our secure virtual terminal.

Last but not least, MerchantPlus will be rolling out a new “no fee” payment solution along with our new mobile apps.  With no setup fees, instant activation, no monthly fees and a low, flat processing charge of 2.9% for credit cards, MerchantPlus is making it even easier to accept payments on the go, online and via the phone.

We are looking forward to the launch of these exciting new products! To stay updated or if you have any questions please contact us at sales@merchantplus.com .

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The Importance of Interchange for Global eCommerce and SaaS Businesses https://www.merchantplus.com/blog/importance-interchange-global-ecommerce-saas-businesses/ https://www.merchantplus.com/blog/importance-interchange-global-ecommerce-saas-businesses/#comments Fri, 25 Oct 2013 15:02:58 +0000 http://www.merchantplus.com/?p=2201 For most merchants, Interchange Fees represent the largest portion of their costs for accepting electronic payments from their customers.  With nearly all eCommerce and card-not-present or recurring transactions paid via a major credit card, the reimbursement fees that are paid to card issuers add up to be a big cost.  This can be exacerbated if merchants process international cards often, accept a lot of business-to-business payments or don’t submit all the necessary information along with

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For most merchants, Interchange Fees represent the largest portion of their costs for accepting electronic payments from their customers.  With nearly all eCommerce and card-not-present or recurring transactions paid via a major credit card, the reimbursement fees that are paid to card issuers add up to be a big cost.  This can be exacerbated if merchants process international cards often, accept a lot of business-to-business payments or don’t submit all the necessary information along with the transaction request (i.e. invoice number, sales tax breakout, etc).  However, the single biggest cause of higher interchange costs for merchants is the fact that most merchants, especially smaller businesses, are not setup to benefit from the “ins and outs” of interchange reimbursement on regulated debit cards, check cards and refunds.

At MerchantPlus, we’ve always worked hard to simply the process of accepting credit cards for online businesses — this started back in 2003 when we were the first to offer a fully online signup process, including a digital signature and instant account confirmation.  We continued on that by creating our cutting-edge NaviGate gateway and virtual terminal and including it for FREE with all of our account packages.  Later, as regulation and security requirements (PCI-DSS) increased the ad-hoc fees for merchants, we again simplified things by including all processor, gateway and compliance fees in our low, flat-fee account option.

In November, we’re innovating again by introducing a series of new payment processing options for small, medium and large online businesses.  Our small business account, dubbed the “Starter” account, will feature no monthly or signup fees and have a super-low flat fee for all transaction types.  However, we’ve decided to automatically introduce the benefits of Interchange to our “Advanced” and “Enterprise” accounts — something you can’t get with popular online services such as Stripe, Braintree, Square or PayPal.  That means businesses processing over $5,000/mo in sales can benefit for regulated debit card costs as low $0.22 per transaction as well as get refunds on any and all interchange costs when you have to reverse and refund a sale to a customer.  These savings, along with the visibility into the interchange effects of your international, cross-border or business transactions (and how you can optimize those transactions to get a better rate) result in huge savings for larger processing merchants.

We’re excited to roll out our new account offerings, especially for the fast-growing global eCommerce and SaaS businesses that can immediately take advantage of optimized interchange to lower their global payment processing costs.

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Names and Nomenclatures in the Payment Ecosystem https://www.merchantplus.com/blog/names-nomenclatures-payment-ecosystem/ https://www.merchantplus.com/blog/names-nomenclatures-payment-ecosystem/#comments Thu, 24 Oct 2013 21:24:21 +0000 http://www.merchantplus.com/?p=2195 Recently, MerchantPlus launched a consulting division called ROIPayments (www.roipayments.com) that focuses on developing payment strategies for growing, global businesses.  As part of our mission to improve the “Payments IQ” of the startups, enterprises and individuals working in, with or around electronic payments, we created a bootcamp series of webinars.  These webinars seek to provide context on the complicated payment ecosystem, as well as trends, breakthroughs and issues currently facing merchants. In our first webinar, available

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Recently, MerchantPlus launched a consulting division called ROIPayments (www.roipayments.com) that focuses on developing payment strategies for growing, global businesses.  As part of our mission to improve the “Payments IQ” of the startups, enterprises and individuals working in, with or around electronic payments, we created a bootcamp series of webinars.  These webinars seek to provide context on the complicated payment ecosystem, as well as trends, breakthroughs and issues currently facing merchants.

In our first webinar, available via both YouTube and SlideShare, ROIPayment’s managing director, Brion Bonkowski, focused on defining common terminology within the merchant industry.  This helps merchants, technologists and business managers make sense of payment options when they are presented them within the context of their jobs or projects.  Simple questions like:  What is interchange?  What is the difference between a processor and an acquirer?  What is a four party network?

Brion also covered common players in the electronic payment industry, including lists of key acquirers, processors, schemes, networks and technology platforms.

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Crack Open This Geode – and Find Your Credit Cards are Stored Inside! https://www.merchantplus.com/blog/crack-open-this-geode-and-find-your-credit-cards-are-stored-inside/ https://www.merchantplus.com/blog/crack-open-this-geode-and-find-your-credit-cards-are-stored-inside/#comments Wed, 11 Apr 2012 01:54:59 +0000 http://www.merchantplus.com/?p=1841 If you’re an iPhone user, you’ve no doubt explored a zillion cases and additions to your beloved device.  From custom-carved wooden backs to hot pink protectors, the iPhone is one of the more augmented and personalized devices around. While I love a good wooden iPhone backing, the case I read about today is potentially far more influential (and worth even more money!). iCache Geode is an elegant solution to the problem of mobile payments –

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If you’re an iPhone user, you’ve no doubt explored a zillion cases and additions to your beloved device.  From custom-carved wooden backs to hot pink protectors, the iPhone is one of the more augmented and personalized devices around.

While I love a good wooden iPhone backing, the case I read about today is potentially far more influential (and worth even more money!).

iCache Geode is an elegant solution to the problem of mobile payments – instead of trying to get merchants, vendors, credit card companies and device makers all into the same ecosystem, this fancy case works flawlessly within the existing system to digitize and secure your wallet.

The iCache Geode Might Change the Digital Wallet Debate

The iCache Geode Might Change the Digital Wallet Debate

Here’s how it works:

  • In short, the Geode is a phone case that allows you to cram all of your credit cards and loyalty cards (think of those CSV and gas station things on your keychain)  into a digital wallet.
  • Once you create an account in the Geode iPhone app and load up some basic information, the Geode case can display the barcode of any saved loyalty card on a small e-ink display.
  • There is also a rewritable card mounted on the case – once your credit card information has been registered with the Geode, the included magnetic strip can be rewritten on the fly, turning it into any credit card you want it to be.

Not only is this a great way to work through a digital wallet concept into reality, but it’s a huge convenience: imagine losing your “wallet” in this case.  With your data stored in the cloud, simply grab yourself a new Geode and you’re back in business.

Interestingly enough, the company has started a kickstarter campaign to raise money for the prototype to go into production.  A $50,000 goal was set – and so far they’ve raised $250,000!  Not a bad vote of confidence from iPhone users out there that this is a concept to watch.

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Online Payments Go Offline https://www.merchantplus.com/blog/online-payments-go-offline/ https://www.merchantplus.com/blog/online-payments-go-offline/#comments Fri, 06 Apr 2012 01:37:45 +0000 http://www.merchantplus.com/?p=1838 A few years back, it seemed inconceivable that the trust of cold hard cash, or the VISA/MasterCard/AMEX stamp of approval, could be replicated by an online equivalent. If you couldn’t touch it or feel it, it was hard to imagine our everyday methods of payment being usurped. Fast forward a few years (and a few hundred million smart phone user) to 2012, and the landscape is surprisingly different! Not only are people paying for their

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A few years back, it seemed inconceivable that the trust of cold hard cash, or the VISA/MasterCard/AMEX stamp of approval, could be replicated by an online equivalent. If you couldn’t touch it or feel it, it was hard to imagine our everyday methods of payment being usurped.

Fast forward a few years (and a few hundred million smart phone user) to 2012, and the landscape is surprisingly different! Not only are people paying for their cup of coffee at Starbucks with an app, but just the other day I pulled into my local Cumberland Farm gas station / minimart and was presented with an option to pay with PayPal! On top of that, I was tempted with the offer of saving 5 cents per gallon if I kept my cash and credit cards safely tucked in my wallet.

Now, after doing a bit of reading I was able to get a clearer picture of how this initiative came to be, and a sense of the future of it. No doubt, it’s another of many recent and future attempts by online payment methods (PayPal being the most prominent) to integrate themselves into daily offline purchases.

As each retail merchant knows, credit card processing fees can quickly add up – as more and more consumers decide to pay not just with credit cards, but with even more cutting edge replacements (Starbucks apps, paypal, etc), it’ll be even more important that you are working with a merchant provider that keeps pace with technology and pricing innovations, to help mitigate the costs, risks, and challenges of payment methods moving from the online to the offline space!

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Paypal vs. Merchant Plus – Which One Is For Me? https://www.merchantplus.com/blog/paypal-vs-merchant-plus-which-one-is-for-me/ https://www.merchantplus.com/blog/paypal-vs-merchant-plus-which-one-is-for-me/#comments Fri, 02 Mar 2012 19:51:51 +0000 http://www.merchantplus.com/?p=1661 Often we see businesses who have been using Paypal or new companies looking for their best payment options.  Many times we’re asked – why should I choose a MerchantPlus Merchant Account vs. Paypal? The Upside of PayPal Paypal is a good start-up solution – they can get you up and running quickly and have a proven brand name that your customers will trust.  They don’t have any monthly fees, so if you go days, weeks,

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Often we see businesses who have been using Paypal or new companies looking for their best payment options.  Many times we’re asked – why should I choose a MerchantPlus Merchant Account vs. Paypal?

The Upside of PayPal
Paypal is a good start-up solution – they can get you up and running quickly and have a proven brand name that your customers will trust.  They don’t have any monthly fees, so if you go days, weeks, or months without making a sale, it won’t charge you anything.  For a small business just starting out online, that is a very comfortable feeling!

Also, accepting international payments is a snap and Paypal also handles all security and fraud protection.  Overall, it’s a great product and I’d be silly to say it wans’t.

Downsides of PayPal
The downside to Paypal is, in fact, a product of the very simplicity that is so appealing to small merchants.  As a simple/direct product there is very little flexibility – you can only use the payment system they provide.

  • Clients usually have to go to a Paypal hosted page to process the payments.
  • Also, you can’t include any coupon codes or real-time shipping costs for your client.
  • When you accept a payment, the money is deposited into your Paypal account (controlled by Paypal), not your bank account (controlled by you).
  • Also, Paypal won’t give you an account manager to help you when you need support.

Why Choose a “True” Merchant Account?
So if you are an established merchant or ready to take your ecommerce website and business to the next level, my experience is that you need the customization and business tools offered by an Internet Merchant account with Merchant Plus.  Luckily, like Paypal, we have no start-up costs.  Also:

  1. We offer our clients the option of using our gateway, NaviGate, free with our service or  Authorize.net (a modest monthly fee).
  2.  We can help you integrate with virtually any shopping cart solution (See for yourself!), and typically get you up and running in 2 days.
  3.  Clients will make purchases directly on your site, and you have the flexibility to customize your payment solution as much as you want.
  4. With Merchant Plus, you will also have a dedicated Account Manager ready to help with any questions you might have.

If you’re ready to make the move to a formal merchant account, we suggest that you find a provider (like us!) that has clear rates, years of experience, and a real person on the other end of the phone line.   We have 10 years experience helping merchants of all shapes and sizes accept payments online, and we’re eager to help you succeed as you grow.

Have any questions?  Give us a call, chat live, browse our merchant forum, or email support@merchantplus.com.

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Security Tips for Your WordPress Website https://www.merchantplus.com/blog/security-tips-for-your-wordpress-website/ https://www.merchantplus.com/blog/security-tips-for-your-wordpress-website/#comments Fri, 24 Feb 2012 02:04:39 +0000 http://www.merchantplus.com/?p=1588 When it comes to building trust with your customers online, nothing is more comforting than those cool green letters in the top left of your browser bar: While security is a critical component of accepting credit cards online, it’s not always easy to perform at a high level – especially if you are active on your website adding new features, pages, and tools to attract and enrich your audience. A Few Tricks for WordPress Users

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When it comes to building trust with your customers online, nothing is more comforting than those cool green letters in the top left of your browser bar:

While security is a critical component of accepting credit cards online, it’s not always easy to perform at a high level – especially if you are active on your website adding new features, pages, and tools to attract and enrich your audience.

A Few Tricks for WordPress Users
The most popular CMS on the internet happens to be WordPress, and with good reason!   It’s easy to install, quick to learn, and through the help of thousands of theme developers and marketplaces like ThemeForest.net, you can have a pretty great looking website in a matter of days.  With the addition of popular plugins, like WooCommerce, Shopp, or WP Ecommerce you can even be running a powerful online store in minutes.  In fact, we run our website on WordPress!

So, how do you secure your website?  And how do you convey to users that you are secure? Here are some simple and practical tips:

  1. Get an SSL Certificate!
  2. Choose a webhost that offers some level of security baked into their platform and has expertise in WordPress.  Check out WP Engine and Page.ly for two popular choices.
  3. Augment your SSL certificate and hosting with a service like CloudFlare, which protects your site from attacks at the network level – literally blocking bad traffic before it even gets to your website.  They offer a seamless WordPress plugin to help implementation, and it works with common caching plugins like W3 Total Cache.
  4. Test your website for security.  A great free options is WP Security Scan.
  5. Utilize a plugin to direct site content like images and scripts on key pages through to HTTPS.  This ensures your visitors don’t get that annoying “some items on this page are insecure” notice.  We recommend the ubiquitious and WordPress HTTPS plugin.

The most common sense tip is also the one that is easily forgotten: test your website regularly.  Pretend that you are a “common” visitor by first taking a look at your analytics to see what kind of platform the largest percentage of your visitors use – then go find or mimic that setup (Windows + IE7 could be more common than you think!) and see how secure your WordPress website feels.

  • Are there warnings or errors?
  • Are you missing HTTPS on any sensitive pages, such as the checkout or “My Account” areas?

Take a look, you’ll be glad you did!

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The Difference in Merchant Account Rates — Why Not all Credit Card Processing Accounts Are the Same https://www.merchantplus.com/blog/the-difference-in-merchant-account-rates-why-not-all-credit-card-processing-accounts-are-the-same/ https://www.merchantplus.com/blog/the-difference-in-merchant-account-rates-why-not-all-credit-card-processing-accounts-are-the-same/#comments Tue, 07 Feb 2012 14:22:53 +0000 http://www.merchantplus.com/?p=1441 As a merchant, you have to constantly monitor the money that comes out of your pocket. Finding any way possible to save money is beneficial for any business. When it comes to payment processing, you’ll often pay any combination of setup fees, application fees, monthly fees, monthly minimums, PCI compliance fees, transaction fees and annual fees. Merchant credit card processors will offer you a discount rate (i.e. the percentage taken out of each sale that

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As a merchant, you have to constantly monitor the money that comes out of your pocket. Finding any way possible to save money is beneficial for any business. When it comes to payment processing, you’ll often pay any combination of setup fees, application fees, monthly fees, monthly minimums, PCI compliance fees, transaction fees and annual fees. Merchant credit card processors will offer you a discount rate (i.e. the percentage taken out of each sale that you process) on credit card transactions. However, not all discount rates are the same.

A discount rate is a small percentage of each transaction that is paid in order to accept credit card transactions. You pay this small percentage to the credit card processor. Many merchant account providers base this percentage on variables such as your evaluated risk, types of transactions, or your overall sales volume. The industry standard discount rate for processing z credit cards on the Internet or as a “keyed in” sale is between 2.29 and 2.99 percent. MerchantPlus, a leading merchant account services provider offers a rate of 2.15 percent, quite competitive with the industry standard.

When determining if a particular discount rate will benefit your business, consider the price of your average sale and your transaction fee. Take your per transaction fee and divide it by your average sale price plus your discount rate. You’ll end up with an approximation for what you’ll pay per each transaction.

The post The Difference in Merchant Account Rates — Why Not all Credit Card Processing Accounts Are the Same appeared first on MerchantPlus.

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