With your business, you’re looking for the best products and services to optimize your success. After conducting research, you may find yourself overwhelmed with how many third party payment processors exist for your industry type. With so many to choose from, how do you know if you’re making the right decision based on pricing models?
Not all third party payment processors are the same. Even the credit cards that you accept at your business are unique for every individual consumer. A credit card issuer has a set percentage rate that they charge your business when you accept credit cards. In addition to this cost, processors set up tiered pricing models, which bundles cards into different cost groups, or tiers. Many third party payment processors tend to quote the cost of processing cards at the lowest tier.
Payline offers interchange plus pricing models. Interchange means cost, so interchange pricing is the cost of the card plus a small, fixed service fee. This removes any element of surprise on your processing statement. Don’t you want to know what you are paying, regardless of the type of card that your customers use?
This pricing model provides you with a clear explanation of charges since these rates come directly from the card networks. It is important to note, however, that no merchant or processing company has any control over these rates. Every merchant pays interchange. Remember: the “plus” in “interchange plus” is what third party payment processors charge for their service. It is their profit and appears in terms of a very small percentage markup and a minimal transaction cost.
Looking to switch from your current third party payment processor? Payline provides merchants with a complimentary statement analysis. A dedicated representative works with you to comb your current statement and highlight the unnecessary fees you’re likely paying month-to-month. This is one solution that where you can save money and increase profits by thousands of dollars for your business. Reach out to us today to get started.