It’s time for a bit of truth. You can’t own a business now without being able to accept debit and credit cards. The average consumer often doesn’t even carry any cash, which means that you need to accept credit or debit cards in order to be able to run a profitable business.
Many business owners, however, get frustrated with this because they realize that in order to process debit or credit card payments, you need to take on an additional expense. To process credit or debit card payments you’ll have to pay a processing fee, and the amount you’ll pay depends on which company you go through to process those payments.
It’s important to not only know what there are differences between payment processing solutions, but also to determine what the best payment processors are for your business. It can also be confusing to try to figure out who gets a take of the processing fee and to understand why it’s so high. There are a many other companies that get a piece of the credit card pie, from the merchant bank to the associations (like MasterCard and Visa), and whatever company that processes the card.
One thing you should understand as a business owner is what interchange plus pricing processors are. To begin with, interchange plus pricing helps you to understand who you’re paying when you pay a fee for a credit or debit card charge. It makes the transaction much more transparent so that you know exactly what rates are being charged.
It’s also important to note that interchange plus pricing processor rates are generally much lower than flat or tiered rates. While it’s important to understand what interchange plus pricing processors are, it’s also essential to make sure that you find a company that you trust to help you to figure out the best payment processors for your unique situation and business.
At Y2Payments, we pride ourselves on helping to ensure that our customers get the right processing for their business. To learn more about how we can help, contact us today.