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David John
Angemeldet seit:
24.04.2022
Beiträge: 277
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Many of you have requested information to help with understanding merchant account fees. Tracking swipe fees and understanding the many charges on your statement can be confusing. In many cases, when a merchant does find a discrepancy on their statement, they don't have time to talk to their merchant processor or aren't positive about the reason for the discrepancy. We will use this set of articles to look at Interchange Fees and other costs more closely so that you will have an easier time finding hidden or junk charges before you commit to a service provider.
These rates often have the greatest impact on merchants, but are the most convoluted because of all of the hidden costs attached to them. There are essentially two, almost identical swipe fee schedules that are set by Visa and MasterCard. In reality there are very few banks that deviate from these schedules. Therefore, it is important to understand the basics of these schedules.
The manuals for Visa And MasterCard merchants is daunting. Both companies offer merchants ***** a manual of operating rules that is in excess of a thousand pages. The summary of rules provided by MasterCard is over 200 pages, and the Visa summary is over 125 pages in length. It is understandable that many merchants do not read the complete manual, or even get through the entire summary. Most merchants are working with a limited knowledge of the fine print in these manuals. The fees are based on a 3 or 6 tier system with rates going up as tiers increase.
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