Are You Paying too Much?

Many merchants are unsure how much they actually pay for processing credit cards. Some believe they pay around 1-2% when in fact they are paying closer to 5-6%. At MSCG, we help provide clarity to your complex merchant statement and break out the fees so you can see exactly how much you’re paying to accept credit cards.

We provide honest, upfront pricing to our clients and help unravel the complex web of credit card processing fees. Most of the time we can save businesses 10% of their credit card fees by showing them how to process the cards correctly. Believe it or not, processing the credit card correctly will have a greater impact on your fees than you think. By ‘swiping’ the credit card versus ‘keying/manually entering the card’, most businesses can save anywhere from 0.20%-1%. The reason for this, plain and simple, is Visa/MasterCard are concerned about risk and the security of the transaction. Statistically speaking, there is less fraud amongst ‘swiped’ transactions than ‘keyed’ transactions.

Contact us today and we can show you what you’re really paying, not what someone said you are paying.

We Will Provide you with Accurate Information

Many providers will quote a merchant account along the lines of “0.35% merchant account” or “free terminal, processing charges 1.01%”. The problem with quoting numbers like that is it is impossible to actually charge that. Here’s why:

Right now, the least expensive Visa retail credit card (assuming the transaction is over the small ticket amount generally higher than $10) costs 1.51% +10 cents to process. MasterCard’s rate is similar for the same level card, 1.58% + 10 cents. The Visa card is CPS/Retail-all other and the MasterCard is a Merit III Credit.

It is possible to charge those types of fees on a regulated debit card, which might be pretty competitive. But again, the problem is you are only seeing what the right hand is doing and the left hand is still behind the back yet to disclose what the true fees are. There are (generally) two sides to the transaction as far as fees are concerned. A percentage on the volume of the sale, and a transaction fee, which is generally pennies comprise of the ‘whole’ fee.

We Understand Intercharge

Visa, MasterCard, Discover and American Express charge interchange based on a number factors. Interchange represents (in most cases) 99% of the fees you are charged each month for processing credit cards. Some interchange categories are more expensive than others. We ask that you rely on us to make sure you are being classified correctly in order to pay the least amount of interchange as possible.

There are a number of instances that we’ve seen merchants paying far too much because the company who set them up cares more about ‘putting in an application’ rather than adding a merchant at the proper interchange levels. Interested in how much you are overpaying? Contact us and we’ll review your statement to confirm you’re paying the least amount possible.