Let’s understand Interchange.  Interchange or Interchange Reimbursement is a fee charged by the card brands that the acquirer* pays to the card issuing bank on each sales transaction. Interchange Reimbursement is published information. 

Every year just with the Day Light Savings time Visa, MasterCard, Discover and American Express will make adjustment to the interchange reimbursement tables. Last year these major card networks decided, amid the pandemic, to hold off on adjusting interchange fees until April of 2021. What make this year stand out is the amount of the increase. Some estimates are a 20% increase for some business types. First let’s explain what is interchange? Interchange fees are set by the card networks for acquiring banks to pay issuing banks. These cost are passed on to merchants. Interchange is also known as interchange reimbursement as it reimburses the card issuer for the use of their card as used at the business for accepting the payment.  These fees vary depending on the card. For example a debit card typically carries a very low reimbursement cost, while a travel and entertainment cards will be higher reimbursement cost due to points and other benefits the card holder can earn. These rewards programs are to lure the consumer to use these cards, which in turn helps the bank / card issuer. In the end the merchant accepting the cards will pay these cost one way or another.
 
A deeper dive into this shows adjustments for Visa, MasterCard are expected to bring in $889 million in net new interchange revenue annually for U.S. issuers, according to estimates from CMSPi, a payments consultancy with a U.S. office in Atlanta. The rate changes will vary by merchant category, but in general e-commerce merchants are expected to absorb increases while travel-and-entertainment and low-ticket value, quick-service merchants could see some relief. Below is a chart that reflect the changes. Most changes are significant.
 
While no one can control what the card networks will charge a business to accept credit card, we can help you to be sure that any mark up over these cost are competitive. Also we can eliminate any unnecessary fees or junk fees. Also a business can consider a Cash Discount Program whereby the cost for accepting credit cards is passed back to the card holder.

Issuing Bank: The bank or financial institution that issues the card to the end user

Acquirer Bank: (also merchant bank or acquirer) is the financial institution that maintains the merchant’s bank account. The contract with the acquirer enables merchants to process credit and debit card transactions. The acquiring bank passes the merchant’s transactions along to the applicable issuing banks to receive payment.

Give us a call at 904-638-8804 or email info@firstcoastpayments.com

#ameliaisland #nassaucountyflorida #fernandinabeach #yulee #callahanfl #hilliard #bryceville #nassaucounty #supportlocal #jacksonvillefl #pointofsale #pos #creditcardprocessing #cashdiscount    

In the news, we hear of security breaches from large retailers that credit card data is exposed and thus stolen. This data is then posted on the dark web to be sold to others that will try and use these credit card numbers for fraudulent purchases. Not all of the credit card numbers are still valid and usable. The fraudsters will go or call an unsuspecting business looking to purchase expensive items that can later be fenced and converted to cash.

Most people know that money isn’t clean but they also forget that their credit cards pass through just as many hands as the dollars and coins in their wallet. Likewise, the many touchpoints on a terminal—such as inserting a card, entering a PIN, and signing—heighten the need for a cleaner payment experience. Luckily, with contactless payments, proper sanitization, and other helpful tips, a cleaner way to pay is possible.

Upgrade time has come for any merchants, (or anyone), still using Windows 7. As of today, January 14th, 2020, Windows 7 will no longer receive security updates.
What this means for you is a far less secure system then Windows 10. I encourage you to research upgrading your systems to Windows 10.

The good news here is that Microsoft is still giving out free upgrades to Windows 10, you will just need to have a valid Windows 7 license to upgrade. Information for the upgrade can be found in the link below.
Windows 10 Upgrade

Call us to find out how we can help your business make and keep more money with First Coast Payments. Call 904-567-8612 or email info@firstcoastpayments.com.
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#creditcardprocessing #fernandinabeach #jacksonvillefl #nassaucountyflorida #pointofsale Cash Discount Point of Sale System

Why use a local service rep for your credit card processing? Because when you go elsewhere they don’t look out for you. Here is another example. Worldpay charges, disclosed in fine print, anger small U.S. merchants. Read more at Worldpay charges, disclosed in fine print, anger small U.S. merchants

Based on where we are now, it is not hard to see we are almost there.  Not so fast! This month (Feb 2019) New Jersey’s legislature passed a bill requiring merchants to accept cash at the point of sale. Several big cities, including New York, are considering similar measures. The Philadelphia City Council on Thursday (2/14/19) passed an ordinance that would prohibit most stores from refusing to accept cash or charging cash-paying customers a higher price, according to Philly.com, a news site affiliated with The Philadelphia Inquirer.

When you need help and you call a service provider, only to get an automated system. Don’t you hate that! The machine is asking you what are you calling about and doing its doing its best to “pigeon hole” the reason for your call? If you by chance choose the wrong option, you will not get a real live person. It will spit out some general info.  Do you get the feeling don’t want to talk to you?