[Winning]

Also to be 100% transparent and to calculate a true cost of the money, we need to add in the Gateway fees..
The February Gateway Statement.
Monthly Fee $5.00.
244 Transaction @ $0.05 per transaction = $12.20.
Total Fee for gateway = $17.70.

Now lets recalculate the effective rate.
Sales Total = 35532.66
All fees ($17.70 gateway + $541.29 processing) = $558.99
Effective Rate = 1.573%

Is that right?

[Yankeeman07]

Also to be 100% transparent and to calculate a true cost of the money, we need to add in the Gateway fees..
The February Gateway Statement.
Monthly Fee $5.00.
244 Transaction @ $0.05 per transaction = $12.20.
Total Fee for gateway = $17.70.

Now lets recalculate the effective rate.
Sales Total = 35532.66
All fees ($17.70 gateway + $541.29 processing) = $558.99
Effective Rate = 1.573%

Is that right?

Whomever your agent is, they are treating you just fine. 1.573 on Card Not Present, you are in good hands.

[Winning]

Whomever your agent is, they are treating you just fine. 1.573 on Card Not Present, you are in good hands.

LOL,, They didn't just give me that rate... I had to work and fight for it, and remain diligent in my pursuit to make it even lower. 12 years ago I was not on an interchange rate.. I did not even know what that meant.. But I learned what it was and how it worked. Then asked my agent about it, and over the years have made strategic decisions to get me where I am as regard to the rate I am at. I am very grateful that some of the members here have PM'ed, and are trying to see if they can do a better deal for me.

If I left to my agent I would be in a flat rate 3% and 2 day funding plan, leasing equipment etc...

[MCA]

Also to be 100% transparent and to calculate a true cost of the money, we need to add in the Gateway fees..
The February Gateway Statement.
Monthly Fee $5.00.
244 Transaction @ $0.05 per transaction = $12.20.
Total Fee for gateway = $17.70.

Now lets recalculate the effective rate.
Sales Total = 35532.66
All fees ($17.70 gateway + $541.29 processing) = $558.99
Effective Rate = 1.573%

Is that right?

Again, no way that is right. You are missing some other fees. True interchange cost for Card not Present transactions is 1.80% + $.10 and that is for a regular card, rates are even higher for reward and corporate cards. The above is the actual cost your processor would receive from Visa. Assuming they add 5bps and $.03 per tran then your effective rate would be somewhere around 1.9 - 2.10%. If you want to send me your statement, I will show you what your true cost is. I am not even in the CC processing industry anymore but spent 13 years in it. I will not ask for your business, just point out what your true cost is. I would also look at your bank statements and see if there is an additional debit every month from your processor

[Yankeeman07]

I wasn't stating his numbers were correct, just that if his numbers were correct, he had a great rate.
Since he states 99.9% is CNP, I agree with you he is not @ 1.573

Link to current MasterCard Interchange :

https://www.mastercard.us/en-us/abou...terchange.html

Visa Interchange :

https://usa.visa.com/support/small-b...ions-fees.html

BTW, I am currently involved in merchant processing, but, I do not participate in the race to the bottom.
If the only item important to the merchant is the "lowest rate" I'll pass on the account.

[Winning]

Here is a redacted version (all my identifying info removed) of my Feb 2018 Statement...
https://www.dropbox.com/s/viomaakpnq...ement.jpg?dl=0
Take a look at it and let me know my error in figuring out my effective rate..

There is 1 fee on there that I did not include in my original calculation.. because it is a fee that will no longer be on my statements..
The 19.99 SAQ/SCAN INCOMPLETE Fee. That was on there because I did login and answer the pci compliance questionnaire and scan.
That has been done, and the fee will not reappear for at least 12 months.
So according to that invoice, the total amount deducted is 561.28. take away the 19.99 fee, the total would have been 541.29. I used the 541.29 to come up with my effective rate.

Please take me to school, if I did something wrong. I am here to learn!

Thanks

[Winning]

Again, no way that is right. You are missing some other fees. True interchange cost for Card not Present transactions is 1.80% + $.10 and that is for a regular card, rates are even higher for reward and corporate cards. The above is the actual cost your processor would receive from Visa. Assuming they add 5bps and $.03 per tran then your effective rate would be somewhere around 1.9 - 2.10%. If you want to send me your statement, I will show you what your true cost is. I am not even in the CC processing industry anymore but spent 13 years in it. I will not ask for your business, just point out what your true cost is. I would also look at your bank statements and see if there is an additional debit every month from your processor

They don't take anything out of my bank account until the end of the month... I kid you not, those are my numbers.. Those numbers are right from the invoice from the merchant them self, which matches the amount that they deduct from my account once a month.