Interchange?

What is it?

The major credit card companies do not have just one rate that applies to the sales merchant's make to customers on credit cards. Most merchants are aware for example that there is a different rate for sales where they swipe the credit card through the credit card machine vs manually punching in the credit card numbers. They is one example of where two different base rates apply. But the fact is that is that underneath it all, there are very many rates. To make it simple, most companies try to lump the various categories into 2-4 groups, sometimes called buckets.

When you run a transaction, it will be forced into one of those categories, even though there is no real reason that it must. Sometimes this costs you money but not necessarily. It is just very important to be aware of this because you may be able to avoid over-paying. The best way to address this issue is discussed in the Cost Plus Pricing area.

Some examples of the elements that define Interchange categories are: how soon a batch is settled, whether a card is swiped or manually entered, the amount of the sale, what country the card was issued in, the type of business accepting the credit card, aspects about the card itself such as whether it is a rewards card, debit, or credit card. Interestingly, rewards cards have grown into such a large category that it is being made into its own group or bucket. Someone has to pay for those rewards, let's make sure it is not you.

 

We do our best to keep your credit card processing cost down. Acceptance Services has fourteen years of experience in providing and maintaining merchant accounts. As a merchant account provider, we offer economical credit card processing accounts, competitive rates, good quality credit card processing machines and credit card terminals, and excellent customer service.

 

Call us and we can help: 888-737-8433 .

A.C.C.S. Corporation, Fairfield, IA 52556

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