A charge-back is a credit card processed sales transaction that occurs when your customer disputes the transaction or when you fail to follow proper credit card acceptance and authorization procedures. The result of a charge-back is a reversal of the transaction, the withdrawal of funds from your merchant account and a deposit of the funds back into your customer’s account.
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Business Categorization, Industry, Location, and the Impact on Merchant Rates
There are many factors that will determine what kind of fees you are charged by your processor. There are some factors that you can control, such as limiting charge-backs and fraud exposure, and others that you cannot, such as how you accept payments, your industry, and your physical business location.
Factors That Determine the Transaction Fee Effective Rate
Transaction fees, also called effective rates or merchant fees, are fees that are charged to you by your payment processor on each transaction processed. The fee includes the bank interchange, the credit card association fees, and the processor fee. There are several factors that will determine your transaction fees:
The Basics of PCI Compliance
Depending on how many credit card transactions your business processes every year, you are subject to different levels of certification from the Payment Card Industry, or PCI. Compliance is achieved and maintained through important security measures.
Lowering Online Fraud to Lower Transaction Fees
Fraud risks are a significant driver of transaction fees, especially for merchants who process payments online. Merchant processors will assess your fraud risk exposure on a number of factors, and there are security measures you can put in place to reduce your transaction fees.
Selecting the Right Payment Processing Solution
Consumers want multiple ways to pay. But choosing the best payment processing solution for your business can be confusing, with so many options and providers. Here are 5 easy steps to follow when researching what is the best solution for your business—and your customers.
