Many merchants always ask...."what is my rate for credit card processing services"? Did you know there are over 75 different rates for card types? Those card types and rates are called Interchange. That is the cost from the Visa, MasterCard, and Discover card issung banks to the credit card processors who pass those rates and fees onto the merchants. Most merchants the profit margin they pay to those processors on top of Interchange. It is very common for an agent to quote just one rate but not disclose what he or she may be charging for all the other rates. When you are getting quotes, make sure you ask what their profit is on top of Interchange. A good answer is is X amount of basis points and X amount of cents per transaction. Another good question to ask is what are your monthly fees. Anything over $20.00 a month is too high for statement or monthly fees. Make sure you have $0 -$20.00 a month PCI fee, anything over that is too high. Make sure you are not leasing for your equipment. Most equipment ranges from $100.00 $1000.00 depending on make and model. If you lease, you are paying 5 times as much when most companies offer in house payment plans or free loaner terminal plans. I've been in the industry for over 10 years and have analyzed over 1000 statements and have seen miscellaneous fees that should not be on there. Please consult with a knowledgable agent before you make your next processing decision! Amy:) ...read more