What is interchange plus Interchange rates

Connected Pay has formed strategic relationships with leaders in the payment card industry to offer merchant accounts at "interchange plus" pricing.  For an informative post on interchange rates see What are Interchange rates? or view the "Understanding Interchange" label.  In summary, Interchange plus means that the Merchant Account Provider (Connected Pay) passes through whatever they are getting charged plus a markup for their services.  


Depending on the size/risk of your business, market pricing dictates a markup anywhere from 0.20% to 1.00% plus $0.02-$0.20 / transaction.  Historically only the biggest merchants with the most negotiating power were able to get interchange plus pricing but the market is getting increasingly competitive and merchants are becoming better informed due to the internet and smaller companies are now able to negotiate in this way.  Since all transactions are electronic, why would you want to pay more under a tiered pricing structure when the transaction run through the same electronic network?


Q: Why would a merchant want to be set up under a tiered pricing structure?  A: The structure is simple and it is easier to quote rates on general transactions.  However, this structure tends to be a higher cost option.  


As Connected Pay was established by CPA's, transparency of information is critical.  Merchants must know what terms and conditions they are entering into before signing a contract.   With interchange plus pricing all information is available and posted on the internet.  Click on this link for Visa Interchange rates. Click on this link for Mastercard Interchange rates.  


To take advantage of interchange plus pricing, contact Connected Pay today.  Whether you are a prospective merchant or a seasoned veteran, Connected Pay will work to find a solution that works for your business.  Call Joe today @ 816.268.0136.

What are the benefits of payment pards to consumers?

Payment cards (credit, debit & prepaid cards) offer more security, convenience, flexibility and control than any other payment method.


Convenience

• Consumers can use payment cards to access their bank accounts or credit lines anytime of the day or night, from just about anywhere in the world.
• Payment cards are the fastest, simplest and safest way to make purchases, whether at the point of sale, on the Internet, or by mail or telephone.
• Automatic bill payments save time and hassle by replacing checks for utilities, fitness clubs, subscriptions and others.

Flexibility

• Payment cards are accepted nearly everywhere in the world, providing consumers with secure and convenient access to their funds and their credit lines whenever and wherever they choose.

Control

• Payment cards make it easy to track and manage expenses by offering instant online access to information about recent transactions, as well as detailed monthly statements. Many cards also provide consumers with annual statements that categorize all the previous year’s expenses.
• By offering access to a line of credit, credit cards make it possible for consumers to meet emergency or other extraordinary expenses and to pay for them on a timetable that suits their needs and budgets.

Security

• Using credit, debit or prepaid cards to pay bills – either with automatic bill payment or individual online payments– reduces the likelihood of criminals intercepting mailed statements or payments
• Payment cards are safer than carrying cash or using checks. If a credit or debit card is lost or stolen, it can be replaced quickly and easily, and federal law limits consumers’ liability for the fraudulent use of their cards to $50 in most cases. 
• Moreover, payment card issuers continually invest in state-of-the-art security technology that can detect and prevent many fraudulent transactions before they occur.

Rewards

• Many credit and debit cards offer incentive programs that enable cardholders to earn cash back, airline tickets and other rewards.

Source: MasterCard Worldwide

We make it easy: Connected Pay online payments provide you credibility, increased cash flow, and lower liability.

Connected Pay's online payment service requires no software installation, no website is required, and no programmer is needed. You don't need anything special to accept credit cards by using Connected Pay's service. If you are ready to make it easier for your customers to pay you and save you time, please contact Connected Pay today to begin focusing more on your business. Contact Us at Connected Pay.

Why Accept Credit Cards?

Q: Why should I accept credit cards?  Is it really worth it?

Here are 5 good reasons why it is worth it.  


Merchants around the world rely on credit card acceptance to:

1. Increase sales: in general, your customers can and will spend more with a credit card than with cash or checks.
2. Increase credibility: consumers recognize that a business that accepts credit cards is a legitimate business, one in whom the credit card associations have "endorsed" by allowing them to participate in the credit card system.
3. Better customer service: accepting a credit card is easy and fast, usually more efficient than virtually any other type of payment acceptance.
4. Reduce back office handling: it is far simpler for your accounting staff to handle credit card transactions than to list and deposit checks or cash. Saving their time, saves you money.
5. Reduce cash losses: cash is easy to "lose" or get pocketed by unscrupulous staff. Credit cards circumvent that problem.

We make it easy: Connected Pay online payments provide you credibility, increased cash flow, and lower liability.

Connected Pay's online payment service requires no software installation, no website is required, and no programmer is needed. You don't need anything special to accept credit cards by using Connected Pay's service. If you are ready to make it easier for your customers to pay you and save you time, please contact Connected Pay today to begin focusing more on your business. Contact Us at Connected Pay.

Virtual Terminal Powered by Connected Pay (Click Here!)

Click on the title to be redirected to the Connected Pay YouTube video.  This video is the Connected Pay LLC client view. This is a brief demonstration of the functionality of the terminal. For more information visit www.connectedpay.com.