Articles
Merchant Services For DIMWITS
June 23, 2010
•White Paper: Merchant Services For DIMWITS
By Cynergy Data
How do I know whether I'm really getting the best rates and fees?
Rates and fees vary by business and transaction types, so unless you ask salespeople what they mean by "the lowest rates out there," you may not get the deal you think you're getting. When you meet with a sales representative, be sure to ask how your business and transaction types are categorized for non-bank cards (American Express®, Discover®) as well as Visa®/MasterCard®: Qualified, Mid-Qualified, or Non-Qualified. Credit card companies—not payment processors—determine these categories.
Am I reading my monthly statement correctly—what are those extra fees?
If you're not sure how to read your monthly statement, don't be afraid to ask your service provider for help in doing so. Nor should you hesitate to ask for explanations about any fees listed on your statement. In addition to percentage and transaction fees, you may also see batch, statement and monthly minimum fees.
What is PCI compliance, and why does it matter to my business?
PCI is the acronym for Payment Card Industry. The PCI Data Security Council, an organization founded by the credit card companies (American Express, Discover Financial Services, JCB® International, MasterCard Worldwide and Visa), requires merchants to meet various security standards. Failure to meet the Payment Application Data Security Standard (PA-DSS) puts your business at risk for fraud as well as fines from the credit card companies, which could revoke your ability to accept card-based payments.
Click Here To Download:•White Paper: Merchant Services For DIMWITS
