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What are interchange rates?
What are interchange rates?
Interchange rates are the fees that banks pay each other when a customer makes a purchase with their credit or debit card. This fee is typically split between the merchant’s bank and the card-issuing bank. Interchange rates are determined by the card networks (such as Visa or Mastercard) and are based on a variety of factors, such as the type of card, geographic location, transaction amount and the type of merchant to name a few.
How Do Interchange Rates Impact Merchants?
For merchants, interchange rates can have a significant impact on their bottom line. As a merchant that accepts credit card payments, it’s important to understand how interchange rates work and how they affect your business. If you’re able to reduce your interchange rate, you’ll be able to save money and increase profits.
Know Your Rights
As a merchant, it’s important to understand your rights and be aware of the interchange rates you are paying. Many payment processors have terms and conditions that include hidden fees such as interchange rates, and these can have a big impact on your bottom line. Knowing your rights and understanding the fees you are paying is key in making sure you get the best deal for your business.
Taking Control of Your Interchange Rates
The good news is that you can take control of your interchange rates and start saving money. By working with a Certified Payment Professional from Bay State Merchant Services, you can get access to the most competitive interchange rates in the industry when it comes to your credit card processing. You’ll also get access to tools and insights that will help you better understand your interchange rates, merchant processing fees and optimize them for maximum savings.
The Best Ways to Save
The best way to save on interchange rates is to shop around for the best payment processor, and look for one that offers the lowest possible rates. Additionally, some payment processors offer interchange plus pricing, which allows you to pay a fixed fee on each transaction, which can help you save on fees.
If you are looking to get a better understanding of your merchant statements and fees, contact us to set up a complimentary consultation and review with your local certified payment professional at Bay State Merchant Services.
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