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That’s why we insist that our featured merchant account providers use a pricing system that separates wholesale from markup cost (interchange-plus, aka “pass-through” pricing).
The interchange rates are set by the credit card brands (Visa and Mastercard foremost) and are the same for every credit card processor. In addition to using this cost-plus pricing model, all our top picks make in-depth fee disclosures up front.
Some of these payment processors are good for ecommerce via your website, others for mobile payments on your smartphone, others for retail with a credit card machine, for phone order with a virtual terminal, for large transactions, for i Pad POS, for high-risk businesses.
(I told you, it depends.) But all of them follow some simple rules that we live by, which we’ll discuss in detail below.interchange-plus (cost-plus) pricing, you pay the ‘wholesale’ rates set by the card brands (Visa, Mastercard, etc.), plus a small markup on each transaction.
We recommend companies that employ honest, respectful sales reps and offer service with no long-term contract commitments.
You should be able to accept credit cards without making a deal with the devil.
We carefully consider every complaint we find to figure out what went wrong.
We then weigh these conclusions against the number of businesses the credit card processor services to make decisions about which companies we feel comfortable recommending.
Others charge a bit more, but provide valuable software as part of the service. The topic of credit card processing fees is way too broad for us to cover completely in this post, but if you’re interested we have an in-depth resource that explains everything you could ever want to know about card payment processing rates and fees.Trying to choose the best credit card processing company can be overwhelming.This is especially true when you are a new small business owner who has never even heard of a “merchant account” before — but the truth is that even seasoned CEOs can get dizzy while researching the payment processing industry.These wholesale fees vary depending on the card, but the average is about 1.8%.
By separating out this unavoidable wholesale cost, you can ensure that you are not being ripped off on the markup.
We’ve been reviewing credit card processing companies for years.