Over 17 years ago and a customer asked “What’s your rate?” it was easy to simply quote a % + 20 cents. Wow has that changed.
Over the past decades MasterCard and Visa, in their infinite wisdom, has developed a daunting list of interchange rules based upon your type of business, what type of card is presented by the consumer, the amount of the sale, what type of data you enter into your terminal or software, and if you swipe or manually key in the sale.
In the 1990’s there were a limited number of different interchange categories while today the list is over 100 pages long.
Interchange used to be a trade secret but now it is publicly posted on Visa and MasterCard’s corporate websites.
It is important to know that every merchant account provider is bound by the exact same interchange schedule. It is the markup from this schedule that determines what you will ultimately pay.
So when today a sales rep quotes you a tiered low rate you really have to ask for the rest of the picture as very few of your transactions will qualify for that rate.
As you can see from Visa and MasterCard’s corporate websites, Interchange cost for almost every category is higher including all rewards cards, business type cards and keyed cards. Therefore only swiped debit/check cards and small ticket sales in a limited number of business types have an actual lower cost.
Pomodo’s Preferred Credit Card Processor is Vantiv
What is the difference (technically) with Vantiv vs. other types of processors?
It’s a whole different game technically when you integrate credit cards into your software vs. using a standalone credit card terminal.
Vantiv’s setup is not the same as a “raw” setup.
Vantiv has made a conscious effort to support software developers and help them integrate to Vanity’s own back-end processing into the developers software.
Vanity’s integrated technology eliminates the need to purchase additional payment processing software, which can add up to thousands of dollars. It also reduces costs for technical support and gets rid of gateway fees.
Pomodo + Vantiv Adds up to Reliable, Secure Integrated Payment Processing