If you’re new to payment processing, you should know that each type of transaction costs a different amount to process. If you’re an experienced pro at it, chances are you still don’t know exactly what the different merchant services credit card rates are. Knowing these numbers can mean the difference of hundreds of dollars per month depending on your business type, so study up!
Card companies, such as American Express, Visa, MasterCard, and Discover, charge different merchant services credit card rates. They are listed below:
Visa: 0.05% – 2.95%
American Express: 1.45%-3.7%
There’s debit, credit, checks, money orders, gift cards, vouchers, chip cards, digital mobile wallet apps, and many other types of payment methods. The method of payment directly correlates to merchant services credit card rates. All of these can be put into two different categories; Card-present and card-not-present. Some of these aren’t even offered by many payment processors and those who do offer them charge almost twice the rates we do. Here’s a breakdown of what we charge vs some competitors. NA represents the processor’s inability to offer that type of payment.
The Plan: Merchant Services Credit Card Rates
This pricing plan has three categories: Qualified, mid-qualified, and not-qualified. Its merchant services credit card rates range highly among companies because each has its own definition of qualified. The rates on this plan will typically be much higher than necessary, meaning the cost a processor pays the card company is much lower than what they’re charging you for the transaction. The markup is extreme because a wide variety of payment methods are charged under the same price; the highest one.
Typically runs between 0.08% and 2.55% per transaction. With PayFrog, you’ll see the lowest merchant services credit card rates possible.
It’s up to you! Do you want the lowest merchant services credit card rates possible? Check out our price match tool. It ensures that we can beat or meet any competitor’s prices. You don’t have to worry about getting the lowest rate when it’s sure to be the lowest you’ve ever seen!