Credit Card Processing Fees Archives

Credit Card Processors

How Did Rate Tracker Get Started?

Rate Tracker was created to start a movement in the payment industry. Small business owners are often taken advantage of by credit card processors because they know that those business owners rely on them to make money. Likewise, the processors also know that small business owners are far too busy to read over their statements every month. Even if they did have the time, most people can’t make heads or tails of what they are reading. This lack of clarity is allowing the payments industry to trample the small business owners in our country and slowly line their own pockets with your hard-earned money! The Movement There are two stories that come to mind when people ask us why we created Rate Tracker. Both involve merchants who were losing money due to unknown processing rate increases. The first story is about a merchant who we asked to test out our beta version of Rate Tracker. He was adamant about not switching processors because he believed he was getting great rates. After using Rate Tracker, he realized that he was actually paying way more than he thought and immediately switched payment processors. The next story is about another merchant who never looked at his statement from his processor. Two years went by without him ever knowing that they raised his rates. That mistake totaled at about $10,000 of additional fees that he was way paying due to not tracking his rates. Our Inspiration Our goal of creating Rate Tracker is to bring transparency into the payments industry so that small business owners can take control over their credit card processing rates. Learn More About Rate Tracker If you are interested in learning more about how Rate Tracker works or to get started, contact us today!

March 10, 2021 No Comments

Credit Card Processors

Why Become a Rate Tracker Referral Partner?

The credit card processing industry is a mystery to many small business owners. Because of this, processers take advantage of small businesses by increasing their rates just to benefit themselves. More often than not, this happens without the owner even noticing until months or years down the line. Rate Tracker is here to reform the payments industry by educating small business owners so that they can take control of their rates. By joining our movement, you can build better, stronger, and longer-lasting partnerships with your customers. As a referral partner, you’ll build trust, provide value, and make your customers raving fans all earning passive mailbox money. Join the movement today with Rate Tracker.

March 4, 2021 No Comments

Credit Card Processors

Are You with the Right Credit Card Processor?

Are You with the Right Credit Card Processor? As a small business owner, your money means a lot to you; so, saving where you can is essential. One area where you can potentially save a lot of money is with your credit card processor. How Do You Know if You are with the Right Processor? Rate Tracker is here to help you determine if you are working with the right people by asking yourself these simple questions. Do You have a Dedicated Representative? If you are working with a person from their team, is it always the same person? Is that person working with you to help you manage your account? Is Your Representative Paid Monthly? A big thing in the credit card processing industry is residual income. If somebody is making money every month from managing your merchant account, they’re going to be incentivized to make sure that you’re happy. Is the Solution You Have the Right Choice for Your Business? Every business has different needs, and most merchants don’t realize all of the different equipment options that are available that could be serving your business and customers better. Do You Ever Get Frustrated with Your System? If you find yourself getting frustrated with your credit card equipment or system, you don’t have to suffer through it. There is likely a solution that has been created to ease the stress for you and others in your industry. What is Your Rate? If your rate is higher than 3.5% or increasing each month, something isn’t right. We are here to help you figure out why that’s happening and how you can fix it. Learn More About Rate Tracker If you are interested in learning more about the credit card processing industry and which processing solution is right for you, contact us today!

February 24, 2021 No Comments

Processing Solutions

What You Need to Know About Cash Discounts vs. Traditional Processing

What You Need to Know About Cash Discounts vs. Traditional Processing As a business owner, there are many ways that you can accept money from your customers. You could do cash only, you could do plastics only, you could do both. However, it is important to know which type of payment is best for your business and which type of payment is best for your customers. Traditional Processing Traditional processing is when the business owner assumes the credit card processing fees on each of their customers transactions. Cash Payment Discounts Though cash payment discounts have been around for quite some time, they have become exceedingly popular over the last year, mainly due to COVID. Instead of the merchant paying the credit card processing fee, they add an additional fee onto their customer’s total to cover the transaction charge. This incentivizes the customers to pay in cash to reduce their total. This is a completely legal and effective way to reduce your costs are a business owner, but there are certain things you have to do to stay compliant with this type of transaction. For example, you need to advertise on your storefront and at the register that you offer cash payment discounts. Know Your Industry and Know Your Customers There are certain industries where charging your customers a transaction fee is not the best idea. For instance, if you are a fine dining restaurant, your customers will find it odd if you charge them for the transaction fee. Whereas an automotive shop is a better industry to incentivize cash payments. It is all about knowing who your audience is! Learn More About Credit Card Processing If you are interested in learning more about the payment processing industry, contact us today!

February 3, 2021 No Comments

Processing Solutions

Credit Card Processing Equipment Solutions

Credit Card Processing Equipment Solutions There are many different methods to accepting credit card payments, and each business has its own individual needs. In today’s education blog, we are going to briefly cover some of the most popular credit card processing equipment solutions! Countertop Solution The countertop equipment is probably one of the most common ways to accept credit cards, especially in retail. This method is familiar, easy to use, and hooks up to your internet. Virtual Terminal Solution The virtual terminal allows you to take payments over the phone, which is perfect for B2B businesses or “card not present” environments. For this solution, it is extremely important to have a secure connection to protect your customers and yourself. Recurring Revenue With virtual terminals, you can also schedule recurring payments. Every credit card processor has this capability, and it is a great benefit to the business owner. It’s predictable revenue for your business so that your business is getting paid month after month. Mobile Solutions Mobile credit card processing solutions are great for the trades like HVAC, Roofers, and Plumbing. It’s great to be able to take a payment from your customer inside of their living room, which just makes the whole process convenient for both you and your customer. It’s also professional looking, and you’ll save money on the cost of each transaction because the card is inserted or swiped instead of keyed in manually. eCommerce Solution With so many people shopping online (especially now), eCommerce is a super easy way to grow your business. There’s a lot of different gateways out there that will allow you to securely connect your online shopping center or your eCommerce business with a merchant account so that everything can happen seamlessly. Invoicing and Billing Solution You can send somebody an invoice, they click a button, they go to a payment screen, and they’re able to run a transaction right then and there. Then the money automatically flows to your bank account. Integrated Solutions If you use a POS (point of sale) system or a software system, pretty much every processor can connect to these systems. Having an integrated solution inside of your CRM, your practice management software, whatever it might be, eliminates headaches and makes things happen in one step. Learn More About Credit Card Processing Solutions If you are curious about exploring a new type of credit card processing solution or want to know which type is best for your business, contact us at Rate Tracker today! We are here to help businesses grow, starting with tracking their CC processing rates!

January 27, 2021 No Comments

Statements

Check Your Credit Card Statement for These 4 Terms

As a business owner, you are too busy to sit down and read through your credit card statements every month. When you signed on with your processor, they said you were getting a good deal, so why check-in? The credit card processing industry is notorious for slipping in extra fees, surcharges, and more to help line their pockets with your hard-earned money. Let’s stop that here and now with Rate Tracker! Below are a few keywords to show where and why you are getting hit with extra charges. 4 Charges to Look for on Your Statement EIRF Electronic Interchange Reimbursement Fee or EIRF is tied to your merchant account. When your account doesn’t batch on a timely basis, you are charged a fee by the issuing banks. Surcharge Surcharges are common in this industry. It is when the processor is either inflating your cost or padding the cost, which again lines their pockets and takes away from your money. PCI Non-Compliance PCI non-compliance is a charge you incur as a result of being marked as a liability in the eyes of the processor. PCI was created to mitigate the risk that is associated with paying with credit and debit cards. If your business is considered non-compliant, you’ll get charged a monthly fee by your processor for that anywhere from $10- $250 a month! If you are not compliant, you should seek to become compliant immediately so that you’re not at risk and also that you’re not paying additional fees. Rate/ Cost Increase A rate or cost increase is usually on the front page of the statement. However, the processors know that most merchants do not read their statements, so they often get away with it. Why Choose Rate Tracker? Rate Tracker was created to help small business owners take control of their processing costs. We are working to build transparency in this industry by educating business owners. Our tool is free and easy to use! Learn More About Rate Tracker If you are interested in learning more about Rate Tracker, contact us today! You can also visit Certain Pay to talk to a specialist who can help you go over not only your statements but your entire solution!

January 11, 2021 No Comments

Credit Card Processors

4 Things to Look for in a Credit Card Processor

As a business owner, choosing the right credit card processor can seem like a daunting task. There is so much involved within this industry that makes it hard to know when you’re actually getting a good deal or if you’re getting the wool pulled over your eyes. That is why Rate Tracker was created; to shine light on this industry that not many people understand. So, today we are going to talk about 4 things you should look for in a credit card processor. 4 Key Factors: 1. Right Solutions You want to find a processor that can provide you with the right solutions for your business. For example, if you are a veterinarian clinic, your needs as a business are different than an HVAC company. The HVAC company might need payment devices that are mobile so they can use them in the field, whereas the vet won’t need that type of solution. 2. Ongoing Service This is a big one. You want to make sure that the processors you are choosing will be there for you after the sale. Will they have a real person that you can talk to for support? Do they give you one point of contact for any account management? 3. Full Disclosure The credit card processing industry is a very convoluted and confusing industry when it comes to pricing, rates, costs, fees, and charges. Having a full disclosure will protect you as a business owner. 4. “Get It Done Right” Mentality When you talk to a representative or check out their website, your first gut feeling can really help you know if you’re going to like working with that company. This goes for any type of business. If the processor seems like they have the “get it done right” mentality in addition to the other three key factors, you have found your processor! Learn More About Rate Tracker If you are interested in learning more about Rate Tracker and the credit card processing industry, contact us today!

January 5, 2021 No Comments

Fees

3 Charges to Look for on a Credit Card Statement

What to Look for on a Credit Card Statement 3 Main Fees to Look for on Your Credit Card Statement 1) Interchange Fees These are the fees that are assessed to your business from the issuing banks that issued cards to your customers. Usually non-negotiable and can be a monthly fee, transaction fee, or what is known as the percentage of gross sales, or discount rate. PCI Noncompliance Fees These fees are important to pay attention to because they are avoidable and can range from $4-$250 a month! On top of that, there’s a liability that exists that if your business is deemed non-compliant and suffers a data breach, you could be held responsible. Learn More About Being PCI Compliant 2) Surcharge Fees Surcharges are an easy way for credit card processors to hide more fees in your bills while they line their pockets. So, if you see the word surcharge on your statement, chances are your costs are inflated, and you’re not being treated fairly by your processor. 3) Price/ Rate Increase This is where Rate Tracker comes in to help! Processors can easily sneak in more charges with an unnecessary rate or price increase in your monthly payments. You unknowingly agree to this by remaining their customer. Rate Track alerts you when this happens so you can take action. Learn More About Rate Tracker If you are a business owner, you need to understand the credit card processing industry in order to keep your hard-earned profits! Contact us today to learn more about how we can help you!

November 23, 2020 No Comments

Fees

Why Do Credit Card Processing Rates Increase?

Many business owners rely on credit cards as their income source. As customers pay for their goods and services, they pay with their cards, and each transaction costs the business owner a small percentage. However, there is a lot of confusion around this industry that most business owners do not have the time to fully understand. With this lack of knowledge, it is easy for the credit card processing companies to take advantage of these small business owners. A processor is earning a set amount of profit each month, and they can increase the rates slowly. This lines their pockets and eats away at your profits! How Can Rate Tracker Help Business Owners? Rate tracker is integrated with your bank account securely and safely and will immediately alert you whenever the processing fees are increased. For example, a restaurant owner processing $60,000 per month decided to try Rate Tracker. He found that the processor increased their rates at about .75%, that equates to about $400 a month in extra fees that the business owner really had no idea that he was going to pay. Learn More About Rate Tracker If you would like to learn more about Rate Tracker and how we can help you understand your credit card processing rates, contact us today! Rate Tracker is free to use and 100% secure! Track My Rate!

November 13, 2020 No Comments

Fees

What Fees am I Paying and Why?

In most situations, there are 3 people that charge a fee: the card issuing bank or credit union (Interchange,) the card brand (V/MC/Disc/Amex,) and the credit card processor. If your logo is on the card or you’re processing the payment, you’re charging a fee on the transaction. Most business owners are not in a position to negotiate the fees that are charged. So, it does not matter who the processor is; you’re still going to be paying those fees in some way. How Can Rate Tracker Help Small Business Owners? Interchange fees and card brand fees are non-negotiable in most situations and can sometimes fluctuate based on average ticket, types of cards accepted, and how cards are processed. Interchange Fees + Card Brand Fees + Processor Fees = Effective Rate. If there’s a significant increase in the Effective Rate, it usually is because the Processor increased their profit per transaction or per month, ultimately taking more money from the business. Rate Tracker adds value by automatically monitoring the total cost imposed on a business, and immediately catches significant rate or cost increases. Learn More About the Benefits of Rate Tracker If you are interested in learning more about Rate Tracker, continue browsing our website or contact us today! Track My Rate!

September 27, 2020 No Comments

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How Did Rate Tracker Get Started?

Why Become a Rate Tracker Referral Partner?

Are You with the Right Credit Card Processor?

What You Need to Know About Cash Discounts vs. Traditional Processing

Credit Card Processing Equipment Solutions

Check Your Credit Card Statement for These 4 Terms

4 Things to Look for in a Credit Card Processor

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Why Do Credit Card Processing Rates Increase?

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