When applying for Internet merchant accounts, you will hear the term “qualified rate.” The qualified rate it he lowest rate you will incur when having a credit card charge processed. Many merchants may be concerned about the fees associated with Internet merchant accounts. The fees and charges you might incur include:
- An application fee
- An authorization fee (this is a fee charged each time a credit card is sent to the institution, whether it is accepted or declined)
- A monthly minimum fee (to make sure you make a certain number of processes each month. If you don’t make it, you will be charged to satisfy that fee)
- A statement fee
- A batch fee (incurred each time you settle a terminal, which sends the day’s transactions to the institution for payment)
- A discount rate (a percentage of each transaction)
- And a per transaction fee (a flat fee charged each time a credit card is successfully processed)
Fees will vary from institution to institution, however all are based on Interchange. Interchange is the base rates used for all Internet merchant accounts and it determined by Visa® and Mastercard. Interchange bases their rates on tiers and include thing such as how easy it is for an institution to process the charge. For example, it is easier to process a credit card that is swiped through a terminal than it is to process one in which the credit card number is keyed into the terminal.
Internet merchant accounts are great ways to ensure you get your money with each online credit card transaction.
Any business owner knows that building and maintaining a customer friendly storefront is important. The arrival of eChecks is providing merchants with the key that is unlocking their earning potential. Many merchants have missed out on transactions simply because they did not offer payment by check as an option. Accepting checks opens the door to a flood of customers who are not comfortable using credit cards.
There is no doubt that the Internet has changed the way that people shop. With a larger amount of products and services being processed online, you need to be able to meet the demands of your customers and that includes accepting checks. Accepting checks will make your storefront user friendly for home shoppers and being able to process checks in real time will enable you to meet your customers demands fast.
Being able to respond to the influx of check transactions you will be receiving with minimal processing errors is always a concern for merchants. Having a payment gateway that is fast and reliable is the only way you can ensure that processing errors are minimized. Having a reliable and fast payment gateway is the only way you can use the Internet to its full advantage and be an eCommerce contender.
Read more about accepting checks online.
Read more about batch upload payment processing.
Find out how to become pci compliant and get your PCI Security Certification Service.
Due to the increase in identity theft and fraud the Credit Card associations (VISA, MasterCard, American Express and Discover) have established the Payment Card Industry Data Security Standard (PCI DSS) for merchants. PCI compliance lists the requirements to ensure that credit card payment transaction details information and cardholder data is protected against theft and identity abuse leading to financial theft. All merchants who accept, process, or store credit card data are required to become PCI compliant by July 31, 2007, and verify this compliance.
The consequence of not verifying compliance includes:
- expensive recovery costs
- and/or the loss of a merchant’s ability to accept credit card transactions.
Compliance with these requirements will increase consumer confidence while reducing identity theft and fraud.
VirtualTrak Technologies has partnered with Hacker Safe’s Scan Alert who will provide this compliance service to VirtualTrak Technologies merchants “Free” for the first year and only $19.00 each following year.
In order to begin the process of becoming PCI compliant contact Scan Alert at 866-872-3011 and mention that you are a VirtualTrak Technologies merchant and provide code 1115. You may also contact Bankcard Central 800-331-8882 directly for additional questions.
Find additional information on PCI Compliance on VISA's website.