The Payment Card Advisory Group has launched a new expert report aimed at merchants. It says 96% of merchants are unknowingly being charged for credit and debit card fees and offers solutions to overcome this. It explains how merchants can secure the lowest total cost on all fees.
Do you find it hard to keep track of the changing rules and regulations of the credit card industry? Do you want to know how to get the lowest total cost on your transaction fees? Are you aware there are hidden fees when your customers pay by credit or debit card? This report can help you find the solutions to all these questions and more!
A new expert report has been launched highlighting the fact 96% of all merchants are unknowingly being overcharged on the fees they pay to accept a credit or debit card payment from their customers. The Payment Card Advisory Group has released the report to help you better understand interchange fees.
You can find out more at https://paymentcardadvisors.com
The newly launched report explains the best way for you to cut costs on credit and debit card payment processing fees is by understanding the assessment, interchange, and processor markup. The company explains the three basic payment processing fees you and all other merchants pay every time you accept a credit card payment.
First there is the Visa and Mastercard assessment fees, which go to the credit card companies. In case you are wondering, when Visa and Mastercard switched from nonprofit to for-profit, they became responsible to their shareholders and therefore became motivated by the same philosophy that drives Wall Street - fees.
Interchange fees are the second type of fee and go straight to the card issuing bank. As you may be aware, when credit cards were created there were three interchange categories: card present, mail order, and telephone. With the advent of the internet and online shopping, there are now over 700 interchange categories meaning you are at greater risk of falling into a more expensive category.
Thirdly, the processor markup goes to the company doing the processing. Interestingly, there are no industry standards. Processing is a commodity item driven by fees, not by reducing fees. Furthermore, hidden charges can be layered within all the categories discussed.
The expert team at the Payment Card Advisory Group have developed a solution that enables you to get the lowest total cost on all your fees without changing banks or processors. This helps you to redirect the savings to support your important company objectives.
A company spokesperson said: “We only work for you. We receive zero compensation from any interested or related third parties. We are not a processor, ISO, or broker. Our clients benefit from our years of building industry relationships and compiling critical benchmarking data that is not published anywhere.”
You can find out more via the link provided!
