BEWARE…The tiered and one rate scheme!

I just had a client call me up and say that he found a better deal from a processor who was offering him one rate for all cards.  At first blush its seems like a better deal but the devil is in the details.  Any of the processors who offer this are hiding the fact that they charge higher fees for cards that don’t meet this category, such as rewards, business, keyed, and signature transactions.  In the end, it was found that some cards were well above 3%, not the ONE RATE that was presented.  As with all my clients, I tell you what TRUE Visa Mastercard cost is and charge you a small percentage above that so you are never in the dark about what you are paying.

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