Knowledge is PowerWith such a large portion of business these days on plastic you need to know everything you can about the industry. It usually represents one of the highest expenses a business had each month too. So what can you do to better understand Merchant Services?
Do your researchGoogle it! There is a ton to know about the industry and how you can manipulate it to benefit your business or cost you less. If you take the time to learn just a few things then you will have the upper hand in negotiating versus the salesperson you are talking to. I will outline a few here.
Interchange RatesYou probably have heard of this term and may even be familiar with it. Simply put, Interchange is the actual cost of the given card you are taking. There are three levels of interchange in a retail business. Swiped, the cheapest. Keyed with AVS (address verification service), second highest. Standard or EIRF, the highest rate you can pay. Interchange is also becoming a very popular way to set up an account. It is by far the cheapest way too. You should have a basic understanding of Interchange.
I like the explanation here
You can always learn the whole thing since Visa and MasterCard are public companies by visiting,