Credit Card Processing Fees Demystified
www.elementps.com Credit card processing fees shouldn’t be a mystery. Watch to learn how actual Visa and MasterCard fees can clearly be identified. Then contact Element Payment Services, www.elementps.com, to set up a simple, easy to reconcile payment processing solution.
Video Rating: 5 / 5
@bbqtom1400 However on tiered pricing the iso gets to choose which tier each type of card goes into, which means they could be quoting you 1.29% but on the back end your card goes into your non qualified which is probably around 3.5%. Best thing to do is to look at your statement and take the amount you were charged and divide by the amount processed to get your effective rate. Anything over 3% you should let me know
@bbqtom1400 Unless your being a given a cost-plus rate in which you are being charged the cost of the card the iso pays plus their profit. So usually your quoted something like 0.39% and on your say like a debit card which the fees are around .70 basis points you add the profit and your rate on debit is around 1.19%.
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The first question I have always asked is: What are your surcharge fees? It does not matter much what your rate is if your surcharges (example: fees for key-entered, not swiped credit cards) are high. Sales people might try to sell you on the processing rate alone but be wary of the surcharges. You may and likely will be charged an extra surcharge when “their network” is down because the cards have to be manually entered. You must request a fee adjustment even if it is their fault.
Thanks for viewing this video – what questions do you specifically have about credit card processing fees?
I understond this before now I am totally confused