Every business today, has sometimes an unknown need to accept credit cards.
The unknown, are the current or potential customers in their area that buy everything with plastic. Customers look for the large colored Visa/Mastercard logo’s at a business before even stopping. Many of these customers have simply migrated from check writing
to using their debit cards which are just plastic checks. Most banks today issue a free debit card to all new customers as standard practice.
Rates and Charges
So much attention is given to simply rates and charges today by merchants.
What really needs the attention is HOW the merchant is to be set up by the credit card processor or their representative. Visa/Mastercard likes to see merchants set up in a rate category that matches 70% of how they take transactions. The swipe rate is ALWAYS the cheapest, (swiping cards thru a machine) but not always the best for the merchant unless they swipe 70% of the charges.
Typical swipe rates (daily)
Credit Midqual (hand entered) add 1.20 % or 2.92%
Debit Midqual (hand entered) add 1.20 % or 2.69%
NonQual (govt or corp. cards) add 1.75 %
Typical MOTO (mostly mail order,telephone order or hand entered) using a credit card machine or Dialpay
Credit /Debit Midqual (hand entered) add 0.0 % or 2.20%
NonQual (govt or corp. cards) add 1.35 %
*For Internet processing (requires computer and Internet connection) add 0.10 per transaction and $20 month for the gateway provider.
Dialpay uses any telephone or cellphone and is an automated system.
-dial an 800 number
-prompts for your merchant number _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
-prompts for sale type
-prompts for customer credit card # _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
-prompts for expiration date _ _ / _ _
-prompts for amount _ _ _ _. _ _
-prompts for customer billing zipcode
-prompts for customer billing address (numbers only)
-prompts for customer card CV2# (last 3 digits on back of card)
says approved or denied