General Info:
Simplicity is expensive when it comes to credit card processing. Companies like PayPal and Square are making nice profits by offering flat rate pricing to businesses that don't spend the time to learn how processing fees really work. If you pay 2.75% or 2.5% or even 2.0% flat fee- it's can be better and you have a room to lower rate you pay for a credit card processing. In other way, companies like Costco or most big banks often offers introductory 1.39% rate for processing and did not show upfront- it is only for a debit cards and 3.45% credit card rate hidden on a back. With "Tier Pricing"- processors scoring huge profit also. For most businesses, credit card processing fees are second only to rental and real estate expense. All business people and entrepreneurs are busy, but the time invested in learning about credit card processing fees will pay off in spades. Simple and competitive are two very different things. Here's the short story of interchange… The Visa, MasterCard and Discover (the banks) get together and decide how much they want to charge when you accept their credit cards. The banks consider things like processing method (swiped, keyed, e-commerce), card type (rewards, business, consumer), your business type and a host of other variables to create a long, exhausting list of interchange fees. The card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a credit or debit card transaction for a merchant. For example, 0.05% plus $0.10 is the current Visa interchange fee for a swiped consumer debit/credit card. With interchange plus pricing the processor's markup isn't dependent on interchange qualification. This separation of costs keeps the processor's markup the same regardless of the type of card you accept, or how your process it. There are no qualified, mid-qualified or non-qualified or flat fee rate with interchange plus. The processor earns a fixed percentage regardless of the underlying interchange. For example, 0.25% is an example of an interchange plus rate quote. No fancy tiers, not qualification at the processor level- just one simple rate that gets added to actual cost (interchange). With example like Wall Mart, Nordstrom, Macy's and 1000 others retailers- use effective interchange plus pricing processing. However, most processors are able to offer "big companies discount" interchange processing pricing, but because the profit margin are low- doesn't mean it will. Ignite Payments Cloud offering for small and medium size businesses, "big" companies pricing. We are honestly offering to reduce costs to anyone need process credit cards, as we believe- local businesses needs help with true processor. Ignite Payments Cloud- support our communities in a credit card processing and offer interchange plus pricing for small and medium size business . We believe in a honest processing and healthy relations with referral network. Ignite Payments Cloud uses First Data processing engine. We are independent Company without big overhead and able to leverage both worlds, benefiting from the strength and scope of First Data’s vast product and service offerings, but working with an independent agent who understands the needs of their business. Call us today at 1-877-427-5667 and we will help you save thousand of dollars in a annual fees.