Canadian businesses are fortunate to have Interac Debit for in-person, card-present transactions. Yet some businesses continue to process transactions by manually entering credit card numbers—even when there may be a less expensive and more secure alternative. Here’s a real-world example: A business we are currently working with...
When a merchant signs a credit or debit card processing agreement, they also sign a Pre-Authorized Debit (PAD) agreement that allows the processor to deposit and withdraw funds from the business bank account. What many business owners don’t realize is that ending the processing contract does...
If you could sell your products or services without your customers knowing exactly what you paid for them, you could price more strategically and potentially improve your bottom line. Payment processing is similar—but the fees are often hidden in complexity. There can be hundreds of different...
There are 3 general classifications of fees charged to businesses when the accept credit and debit cards "Interchange Fees" which are the fees paid to the card issuing banks and are the largest of the fees "Network Assessment Fees" paid to the networks, Visa, MasterCard,...
Rates to accept foreign Credit Cards have increased MasterCard Canada just increased their "Network Assessment Fee" to 1.13% that is on top of the current fee of .09%, Interchange Fees and Processor Fees. There is however a program with many of the Processors to return...
A local hotel had purchased a Property Management system was trying to get it integrated with a recommended Processor but after several months it still wasn’t working. We were able to find another Processor who was able to integrate with the system and were able...
Doing our monthly report we noticed a large new fee on one of our clients’ statements. We started to investigate and were finally able to discover how the fee was triggered and it was not due to anything the merchant was doing. Turned out to...
While negotiating a new processing contract for a client we discovered that the Property Management System was not able to store pre-authorizatons. The Payment Processor agreed to provide their “Vault” for this purpose. We realized that this Processor charged a monthly fee for storing information....
A retail company was referred to us because they were being charged over $17,000 in cancellation fees when they changed Payment Processors. Upon checking their information we determined that they actually did not own any cancellation fees in keeping with the Code of Conduct for...
A retail company with several outlets was referred to us by another happy client. We were able to find a new processor a 60% savings in fees totaling $105,000 in the first year. We also avoided cancellation fees which the original processor calculated on “Liquidate...