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The Fraud Practice eCommerce Fraud Consulting Services
Credit cards are America's favorite method of payment today. Businesses today that don't accept credit cards are behind the curve, and are costing themselves business. The following page describes some of the most common questions about Credit Card Payment.
Credit cards are by far the preferred payment method online ....
How will my business benefit if I accept credit cards as a form of payment?
The greatest benefit is increased revenue. Americans spend billions is increased revenue. Americans spend billions of dollars each year with credit cards and are likely to spend more at businesses that accept them.
Where do credit-card processing fees come from?
In the time it takes to get approval for a credit-card transaction, the cardholder's account data zip through several networks and back to the merchant. To process all that information, MasterCard and Visa charge the processor an interchange fee. That fee is passed along to the merchant as the discount rate..
How and when do I receive money from credit-card transactions and pay my processing fees?
Within 24 to 48 hours of the credit-card transaction, money is deposited electronically in to the merchant's account. Once a month the same account is automatically debited for the amount owed in fees.
The rates reflect the greater risk for keying errors or fraud when the card and customer are not physically present for the transaction.
Batching Fee: Each day's credit-card transactions are totaled and sent electronically to the processor in a batch. Some companies charge a fee for this process.
Chargeback: When a customer disputes a transaction for any reason, the sale is debited from the merchant's account until the issue is resolved. The merchant pays an administrative fee.
Discount Rate: The merchant pays a percentage of the sale plus a per transaction fee to the processor for each transaction, which is subtracted from the total sale.
Hidden Fees: Many processors charge fees for maintenance, equipment setup, customer service and batching that aren't apparent when the merchant signs up for the service.
Interchange Fee: The processor pays a percentage of the sale plus a per transaction fee to MasterCard and Visa for each transaction. MasterCard and Visa set these rates for the industry.
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