Interchange Plus Pricing
INTERCHANGE PLUS PRICING
Call Now 844-538-3576
Are you wondering what interchange plus rates and fees mean? Are you wondering how great your “discount rate” for your merchant account really is?
The credit card and electronic payment processing industry was designed to be convoluted and confusing, so that merchants would kind of just go with the flow and not question what they are being charged or where the money is going.
Interchange fees are split between credit card issuing banks and the Visa/MasterCard networks. Interchange consist of a percentage of the transaction plus a set transaction fee that is charged on every transaction regardless of the size of that transaction. Interchange fees vary depending on several factors including, but not limited to: the issuing bank of the credit card, the type of credit card, how the credit card information was submitted to the Visa/MasterCard network, what is being purchased and many other factors.
Now, Interchange plus refers to what the merchant account provider is charging you to process credit cards through their system and submitting those transactions to the Visa/MasterCard networks. Merchant account providers have to charge something to provide their customer service, technical support and other services. The less you ask your merchant account provider for the lower your rates and fees should be. BankCard POS strongly believes in giving business owners a great deal on any services that they ask us for. We tend to beat most effective credit card and debit card processing rates and fees by a great deal and we still provide value-added services like free websites, free supplies, and unlimited support.
BankCard POS is upfront and honest with our interchange plus pricing options and we are glad to discuss the services that you want or require from us at any time. It’s our goal to provide the lowest rates and fees possible to every merchant in the country and we are giving the best service at the best price to compel our merchant partners to not only stay with us, but to feel comfortable referring their friends as well.
BankCard POS doesn’t want to be one of the merchant account providers that give small to medium size businesses a single “discount rate” on a tiered-pricing program, because those are NEVER GOOD DEALS. Now, we can give any merchant a tiered-pricing program, but we absolutely prefer to get our merchant partners set up on Interchange Plus, because it’s fair and honest.
Most merchant account providers that provide one great “discount rate” make a lot of money in hidden fees and upcharges on “Mid-Qalified” and “Non-Qualified” rates.
If your business is paying qualified, mid-qualified, and non-qualified rate on your merchant account, then you are getting over charged on a large portion of your credit card processing transactions, which means that great “discount rate” isn’t so great after all.
It is our sincere goal to provide merchants with the cheapest credit card processing options that they can get.
BankCard POS can review your current credit card processing statements and find your overall effective rate or true cost of accepting credit cards. We can then provide you a cost comparison with our Interchange Plus pricing option that best fits your business type and average ticket size to show you the exact saving you would have enjoyed with BankCard POS.
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Call Now 844-538-3575
There are over 125 interchange categories depending on how the card information was processed, what type of card was processed, type of business, and several other factors. Merchant account providers that set merchants up with tiered pricing have condensed all of those categories into just three categories: Qualified, Mid-Qualified, and Non-Qualified.
These three categories are established by the merchant account provider and NOT the Visa/MasterCard networks or the issuing banks of the credit card being presented. Typically, any interchange rate that falls below that great “discount rate” is placed into the qualified category and every interchange rate that is about the “discount rate” is placed in the mid-qualified and non-qualified categories with a nice margin added in there.
Some merchant account providers even have the audacity to charge additional transactions fees for mid-qualified and non-qualified transactions. BankCard POS has saved merchants millions of dollars throughout the years, because other merchant account providers have been known to charge “non-qualified” fees that exceed 3.75% and $0.35 per transactions. There have been many times, when we have seen statements that show a mark-up over 2% above the actual interchange rate on some credit card transactions with additional transactions fees on top of that.
Many merchant account providers don’t bring up Interchange Plus pricing options to merchants that process less than $25,000 a month in credit card processing fees. BankCard POS offers Interchange Plus pricing to EVERY merchant regardless of monthly volume.
You have the lowest rates and fees in the credit card processing industry, but that means the customer service is lacking?
No, absolutely not! We do offer the lowest effective cost for processing payments, but we also provide awesome customer service to every merchant regardless of how low the rate is, because it’s what you pay us to do and our profit margin shouldn’t have anything to do with the quality of service that our merchant partner’s receive.
We even provide our merchant partners with the cell phone numbers of our management team, because we value every business relationship that we establish and look at our customers as merchant partners. Our awesome customer service has earned us as much, if not more referrals from our merchant partners than our industry low rates and fees ever have, which shows the value that our merchant partners place on our customer service.
Call Now 844-538-3575to ask about the following plans or discuss alternative pricing options for your credit card processing service.
Interchange pricing is what the Visa and MasterCard associations along with credit card issuing banks charge merchant account providers to process credit and debit card transactions. Merchant Account providers then charge a markup on interchange known as interchange plus pricing to process the transaction and provide customer service to the merchant accepting the credit or debit card payment. Interchange Plus pricing is known as the most honest and transparent form of pricing for merchants looking to accept credit cards. There are a lot of credit card processing companies that only offer interchange plus pricing.
- Friend and Family plan: We have a plan that charges interchange plus 0.10% discount rate (10 basis points), $0.10 per transaction, and $10.00 monthly fee. This pricing plan is perfect for merchants that have a higher average ticket and significant monthly volume.
- Small Ticket: Our small ticket plan which is designed for coffee shops, hot dog stands, and other merchants with average ticket of $10.00 or less. This interchange plus pricing platform charges 0.45% discount rate (45 basis points), $0.05 per transaction, and $10.00 monthly fee
- Ultimate Merchant: Our Ultimate Merchant plan is for merchants that want to pay true interchange plus pricing. BankCard POS can set merchants up on Interchange Plus pricing with no mark up on discount rate or transaction fee with a $99 monthly fee.
BankCard POS is a total point-of-sale solution provider with all types of POS Software, POS Hardware, Merchant Cash Advance, Website Design, Android POS, IPad POS, POS Systems, Restaurant POS Systems, Internet Marketing and more. Please feel free to call us anytime for more information at 844-538-3576!
Competitive Interchange Plus Rates
It’s hard to determine what the lowest interchange plus rate is for a specific business without knowing a few details about that business typically accepts credit and debit card transactions.
Generally speaking, most of our small business merchant partners get the “friends & family” plan, which is 10 basis points, and $0.10 per transaction above interchange with a monthly fee of $10.00, which includes the monthly service on the POS software and the credit card processing monthly statement. BankCard POS can provide further discounts on the transaction fee and the discount rate for larger businesses or companies with a low average ticket size.
We have established merchant accounts with no markup on transactions fees and lower markups on the discount rate category, so please feel free to call us at 844-538-3576 for more information on the cheapest credit card processing service online.
There is no need to get quotes from other credit card processing companies or reading the reviews of other merchant account providers once you do your fact checking on BankCard POS, because we are by far the most merchant friendly point of sale company around.
What is my effective cost for accepting credit & debit card payments?
Interchange plus pricing is certainly one step closer to the cheapest credit card processing fees that you can get, whether you’re a small retail or restaurant business or a larger corporation with more monthly transactions and sales volume. We at BankCard POS believe that every business regardless of size deserves the best credit card processing service at the smallest overall effective cost.
To find the overall effective rate or true cost of accepting credit and debit cards a merchant simply divides the gross fees by the gross sales processed. For example, a merchant processes $15,000.00 in credit and debit card transactions and that merchant pays $300, so the merchant’s effective rate is 2% to accept those transactions (300/15000).
The effective cost or effective rate calculates all of the fees associated with a merchant account, so it is easy for our point of sale experts to provide an apple to apples cost comparison to any merchant looking to save money on accepting credit and debit cards.