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Single Flat Rate

Can You Offer Me a Single Flat Rate?

Sadly, far to many merchant services companies boldly advertise and promise "One Low Rate". If you have been price comparing different providers, then I am sure you have already seen these types of misleading promises.

The truth is there is no standard single rate that can be quoted or used for a price comparison. Currently Visa, MasterCard and Discover have over 430+ interchange rates, which are applied according to card type, transaction type, and business type. These interchange rates are broken down by many processors into pricing tiers or "buckets" such as Qualified, Mid-Qualified and Non-Qualified, with the lesser qualified transactions being charged significantly higher rates.

Keep in mind that a "Qualified" interchange rate does not exist. The word qualified is simply a term used as a "teaser rate" by many merchant services providers to market their service. Unfortunately the "Qualified" rate is used to mislead a merchant into believing that they will be paying a single flat rate on all of their transactions. This could not be further from the truth.

When choosing a merchant services provider have them fully explain all of the rates and fees that will be applied to your merchant account. Have them go over each rate and fee listed on your Schedule A, which is part of your application. You have every right as the merchant to know exactly what you are paying and why you are paying it.

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