This content has been marked as final. Show 2 replies
Keep in mind that our congress is trying to address some of these issues. One in particular is the marchants ability to negotiate your processing rates. I would suggest if you think your business will face higher charges - keep your eye on what is coming out of our government as well as shop around. A competitor may really want your business and be willing to cut their fees for it - reducing the impact VISA may have.
Business Money Today
Thanks for the reoly, Phanio. Yes, changes are on the hoizon from Uncle Sam...stay tuned.
A couple of clarifications:
Merchants already have, always have had, the ability to shop around and negotiate processing fees.
The problem is: Merchants who don't know what they're doing and don't take the time to learn get
themselves in trouble by 'negotiating' themselves into lousy more expensive processing deals then they had before.
The solution is to learn and understand the concept of "interchange" as well as the other finer points of processing. How does interchange work? Net vs gross processing? Mid and non qual bumps. Daily vs monthly. That sort of thing.
In short, "lowest fees" and "lowest cost" are NOT the same thing. In fact, they are very different, often
exact opposite concepts.
Anyone who has questions on this subject is welcome to email me.