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All merchants look for the best possible credit card processing rates. And, sometimes, it can seem to be a crapshoot to those who don't understand payment processing just who qualifies for better rates and who doesn't. Here's a primer.
Who Qualifies?
Swiped Cards: This is the simplest and easiest. Swiped cards - with a customer present who signs a sales receipt - entitles your business to the lowest rates. Merchants should ask for a picture ID to assure even further security.
But what about low rates for e-commerce transactions?
One-Time Sale and Easy Payment Billing Models: Billing your customer once and allowing voluntarily reorder will reduce your processing fees. Payment processors see less risk when marketers offer one-time purchase items. Knowing the consumer won't be charged repeatedly and that no additional items are being shipped bring comfort to payment processors.
Easy payments are part of a purchase where the total retail price is broken down to several equal payments (usually paid monthly). Think four payments of $39.99, or five payments of $49.99. These allow the consumer better affordability and are viewed as safe - similar...