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What You Need To Know About Credit
Card Processing
Because Cocard operates like a
co-operative Independent Sales Office and consists of approximately
80 offices nationwide, we are able to offer better rates than the
majority of ISO’s.
There are varieties of pricing
options available to us and our preferred pricing methods are
Interchange Plus and Three Tiered.
Interchange Plus
Pricing simply adds our markup to
Visa, Mastercard,
Discover card, and American Express
This best feature of Interchange Plus
Pricing is that it shows the merchant exactly what Visa, Mastercard,
Discover card, and American Express charge and the percentage of
markup for the ISO. It is simple and shows all charges, no hidden
costs to the merchant.
Three Tiered
Pricing provides different rates for each category:
Swiped Rate: which is the rate
charged per each transaction when the card is actually swiped
through the terminal.
Mid-Qualified Rate: This is the rate
charged when manually keying in a transaction using address
verification. i.e.: card #, Exp. date, address #, zip code & 3 digit
security # from signature security strip on the back of the card.
Non-Qualified Rate: This is the rate
charged when manually keying in a transaction not using address
verification. This is the most expensive of the three methods.
Offline Debit Rate: The rate charged
when accepting debit or check cards without a pin pad. These are
your lowest rates.
Debit with Pinpad: There is usually
an additional monthly gateway fee as well as per transaction fee for
these transactions.
Reward & World Cards: These cards
reward the customer and cost the merchant additional fees.
Transaction Fee: This is the
standard cost charged per each transaction.
Surcharge: This is a fee above and on
top of all other fees.
The value with using American Money
Systems is there are No Monthly Minimums, No Customer Service Fees,
No Monthly or Annual Membership Fees, No Application Fees, and No
Setup Fees. We consider these unnecessary junk fees. The only
regular monthly fee is the statement fee. We believe the strongest
advantage to the merchant is that we do not charge an early
termination fee. This allows the merchant to try our service and
pricing risk free allowing the merchant the freedom to leave if not
completely satisfied.
Purchasing Equipment: We recommend
that you buy your equipment outright if you are able to. You also
have option to pay with your credit card allowing you the freedom to
pay it off at your convenience.
When leasing equipment you tend to
pay 30-50% more for the machine, in some cases considerably more.
Leasing companies most often require a first and last months
payments upfront and have a buy-out rate at the end of the lease
and/or require you return the equipment to them. Know the
answer…Will you own the equipment when your lease is done? Are you
actually leasing to own or just renting? We believe
After sale service: Experience has
shown that than most merchants need someone they can call when they
need it and not necessarily Monday-Friday, 9:00-5:00 eastern
standard time. We offer customers constant availability for
questions, concerns, or troubleshooting. Merchants have the option
to call the processor directly or call us. If the processor cannot
or does not help them, we utilize our resources to help solve the
issue. |
