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Expenses associated with credit card processing

In this method, it is made sure that the data remains enclosed from its origin until it reaches the destination, it ensures the path is not breached. During the journey, the information is transformed into code using encryption algorithms. It prevents any third party from accessing vital information.<br>

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Expenses associated with credit card processing

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  1. Expensesassociatedwithcreditcardprocessing. • Theonlythingconstantinthisworldis change,andwiththerapidtechnological changeshappeningandtherequirementtogodigitalhasbecometheneedofthe hour. Youcan beanoviceoranoldtimermerchantinyourindustry,tosustainwe have to adapt tothechanges. • ThisistheplacewhereweRadiantPaystep in,weprovideourclientswithupto dateservicesby keepingupwiththenewtechnologicaladvancement.Before selectinganyprocessingserviceprovideryoushouldknowwhatyouaregettinginto. Belowarethedifferentfeesorchargeswhich comeintothepicturesthatamerchant should beawareof: • MerchantDiscount Rate • Amerchantischargedtoprocessdebitorcredit cardpaymenttransactions. One shouldn'tnotconsiderthis chargebecauseyoucompulsorilyhave to complywiththoseandcanaffecttheendprofitmargin.Theseratestypically rangebetween 1%-3%. • Interchangefees • This feeis paidto thecardissuingbank byamerchantwitheverycreditand debit card transaction. The rate at which fees are supposed to be paid is not fixedandrevisedatregularintervalsoftime.Theratesaredifferentfordebit card and credit cardand on every financial transaction it is charged respectively. • Assessment/ServiceFee • It is chargeddependinguponthetotalnumberofmonthlysaletransactions. This feeis paid tothecreditcardnetworks.Itusuallyisasmallpercentage butis affectedbyfactorslikeyourmonthlysalesvolumeorriskinvolved. • Markupfee/processingfee • Asthename suggests, itis thefeechargedforcoveringthecost of processingbycreditcardprocessingcompanies.Itchangesdependingupon the planchosen. • ChargebackFee • It is thefeechargedbyacquiringbankstocovertheadministrativeexpenses incurredwhenprocessingthechargeback.Acreditcardchargebackoccurs whenthecardholderdisputesapreviouscreditcardchargeandwantsto nullifythesalestransaction.Essentiallythecustomerasksthecardissuing bankto return thosefunds tothe customer’sbank account. • It is thechargewhichispressedbyacquiringbankstocoveradministrative expenseswhichwereincurredwhileprocessingchargeback. • It mightseemchaoticbutRadiantPayhasawiderangeofsolutionsand servicesfor seamless operationand willaddvaluetoyourbusiness

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