I’d bet you would feel like the gas station was simply stealing your money. And now that you know others are only paying $.50 then $2 isn’t such a great deal.
Can we agree then, that knowledge is power? When it comes to gas prices, I’ll bet you feel pretty confident about what you pay on a day to day basis.
I am also fairly certain that you are just as comfortable with your current credit card fees as you are with gas prices. But it seems credit card fees are as easy to understand as the US Tax codes or the next legalese document that you will be required to sign with all of its small print and confusing jargon.
Many processors out there intentionally make it difficult for you, the business owner, to understand how much you are paying or even what you are paying for. The less you know or understand, the better it is for them.
Did you know that Visa and Mastercard tell you what your cost is for credit card processing? They disclose in black and white what the cost for you, the business owner, is to accept all card types. It’s called the VISA INTERCHANGE REIMBURSEMENT FEES… (There is one for MasterCard as well) You can click the link below or search the web yourself… Bring up a new browser and search for VISA INTERCHANGE REIMBURSEMENT. Ignore the ads at the top of the page and click on the PDF file next to usa.visa.com.
Has your present credit card processing company shared this link with you? I wonder why they haven’t? STOP! Because that’s not what you pay, that is what your processor pays.
The question is not, are you overpaying, but how much are you overpaying right NOW?
If you looked at the Interchange chart and still have no idea what it means, then let me explain it to you. Because I will be happy to explain it to you in detail so you will understand every charge and how it affects your business.
And I will not sell you anything. I will not nag you to switch to my system. If, after I explain your bills in detail you would like to work with me then I would certainly be open to doing that. But for right now, let’s get you KEEPING more money in your business. OK?
I am, Ed Craft, your credit card guy.