Once you start processing cards you might start to realize that this is not the most honest industry. There are several questions that arise during this process “ Why only a few providers show rates on the website? “Why there are several rate structures? “ etc.
Here are some tips to help merchants avoid the pitfalls of the credit card processing industry. This will help you understand the tricks used by the payment processing industry in a better manner.
- Teaser Qualified/ Non-Qualified rates:
You might have noticed several payment processors advertising “as low as” 1.00%. There are no advertising standers for the payment processing industry and thus few processors hide the entire fee structure. They won’t disclose assessment fees, mid-qualified and non-qualified charges tacked on top which is easily ignored by the merchant.
An example of this is flight sale for 49$ and did you end up paying … Read More