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What you need to know.
Factors that affect costs of payment processing services.
In general, the cost of payment processing correlates directly with the risk perception of your business, your method of operation, and your preferred method of payment. For instance, a business that operates only by mail or phone order presents a higher risk to a credit card processing company than a business which makes sales face-to-face with a debit or credit card present.
How to get the best rates on your payment processing services.
It’s usually difficult to determine whether you are getting the best payment processing rates for your company, or whether a new proposal is significantly better than another. That's why Nordex offers free statement analysis to determine whether you could be saving on your debit and credit card processing.
We’ll give you the brass tacks on if you have good rates or if we can significantly reduce them. Contact us today for your free payment processing analysis - no commitment required!
Beware of hidden costs.
Even though competition amongst processors keeps the cost of payment processing down, there’s a lot of variability in the rates offered by different solution providers. Some processors appear to offer great rates on their payment processing services, but in reality they are more expensive than others.
This is because hidden costs are the undisclosed secret of the payment processing industry. Merchants believe they are getting the lowest rates, but a closer look at their statements says otherwise. These hidden costs can add up quickly!
Glossary of Terms
+ ATM
Automatic Teller Machine
+ ATS
Average size of a single sale made by a merchant.
+ Card present / swiped
Cardholder is physically present at the time of purchase and the card is swiped.
+ Cash back
A customer may ask the merchant to charge his account for more than the value of his purchase so he can get the difference in cash.
+ Charge back
Reversing a sale made by merchant (dispute or fraud etc.)
+ Convenience fee (or surcharge)
A fee the merchant charges a customer for a debit transaction. Usually for a cash back or cash withdrawal.
+ Discount rate
This is a percentage from the total transaction amount charged to the merchant to be able to accept credit cards.
+ D.B.A.
Doing Business As, a name the company may use to operate a business although its legal name is different.
+ Debit / Interac Card
An ATM card used to purchase goods or services or to obtain cash at point of sales.
+ Haulage Fee
A fee that is charged on Credit card transaction per transaction.
+ Gateway
The interface that allows merchant to accept online payment.
+ Interac
A company that processes debit transactions. (most popular method for electronic commerce.)
+ Interac (debit) transaction fee
A fee charged to the merchant for each interact transaction.
+ Interchange Rate
These are the base market rate for Visa & MasterCard transactions, determined by their respective association.
+ MOTO
Mail Order Telephone Order
+ PIN
Personal Identification Number
+ PIN pad
A device linked to the POS and used to enter a customer PIN at the time of purchase.
+ POS
Point Of Sales - terminals used to process sales
+ Pre-approved
The ongoing rate subject to type of business.
+ Qualified Rate
Lowest DR to swipe transactions. Originally applied to all swiped cards, today is limited to personal cards.
+ Mid-qualified Rate
Higher rate applied to swiped transactions of special reward or business cards.
+ Non-qualified Rate
Applied to non-swiped transactions, maybe be used interchangeably with Mid-qualified.
+ Revolving Balance
This is an amount that a processor may chose to hold from a merchant sales.