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03-30-2018, 01:00 PM #1
- Join Date
- Aug 2014
- Posts
- 194
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
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03-30-2018, 02:20 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-30-2018, 04:26 PM #3
- Join Date
- Aug 2016
- Posts
- 486
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!
ThanksLast edited by Winning; 03-30-2018 at 04:29 PM.
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03-30-2018, 03:52 PM #4
- Join Date
- Aug 2016
- Posts
- 486
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