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 people better understand interchange fees.
Find out more at https://paymentcardadvisors.com
The newly launched report explains the best way 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 all merchants pay every time they accept a credit card payment.
First there is the Visa and Mastercard assessment fees, which go to the credit card companies. 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. 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 and merchants 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 merchants to get the lowest total cost on all their fees without changing processors or banks. This helps them to redirect the savings to support 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.”
To find out more, interested parties are invited to visit the link provided.
Release ID: 88970779