As a merchant, whenever someone swipes, taps or inserts their card, you will be charged a fee based on the cost of the transaction. The amount you are charged is determined by several factors: the merchant account provider who you opened the account with, your bank and the customer’s bank, the company that issued their credit card, and how you accept the card (whether the card present or not).
Integrated payments for software platforms have been dominated by Stripe, Braintree, and PayPal for over 10 years. In the last year, we have seen the masses leave those typical providers.
Franchises are in a unique situation as they shop for credit card processing options. In this article, we break down the necessary steps for both franchisors and franchisees. You can also check out our last YouTube video for more information, or have a free consultation with a payments expert.
If your business accepts credit cards, you’re probably familiar with interchange. Interchange, in simple terms, is the cost of completing a transaction. Every time a card is swiped, the transaction is filtered into a number of buckets based on the merchant type, card type, and how the card was accepted.
Every time your customer swipes a card, you’ll pay two types of fees: interchange fees and markup fees. While markup fees will vary depending on your processor, interchange fees are universal, and thus, will be exactly the same no matter who processes payments for you.
When it comes to portable point-of-sale (POS) and hardware systems, there is one company that has risen through the ranks over the past few years: Clover POS. At first glance, the system is straight out of every budding small business owner’s dreams.