ACH Return Codes Explained ACH return codes identify why the bank or ACH operator returned an ACH payment. Every ACH code begins with the letter “R” followed by a two-digit number—such as R07 or R09. With ACH return codes, it’s easier for financial institutions to...
Payment Processing Industry News - September 2023 In addition to helping businesses save money on credit card processing, the Merchant Cost Consulting team is always keeping a close eye on everything in the payments world. From rate changes to new fees, technology...
How to Accept Credit Card Payments Over the Phone I’ve recently encountered many business owners facing the same problem—they don’t know how to accept credit card payments over the phone. Some of these organizations improperly take phone payments, leading to higher...
Can You Pass Merchant Fees to Customers? Credit card processing fees are a pain for merchants. Merchant fees cost businesses more than $100 billion per year—and that’s just in the United States. If you’re reading this right now, there’s a good chance you’re paying...
Paya Rate Increases, Fees, and Updates (2024) Last Updated: 9/7/2023 Paya is a US-based payment processor that offers integrated payment solutions for businesses. Here are the latest rate increases and updates from Paya: New Paya Fees and Updates - October 2023...
15 Reasons Credit Cards Get Declined If your business accepts credit cards, you’re going to process some transactions that get declined. But understanding why credit cards decline will help you handle the situation appropriately. Credit card declines can be...
Payment Processing Industry News (August 2023) As always, our team here at Merchant Cost Consulting keeps a close eye on the payment processing world. From new interchange rates to technology updates and beyond, we strive to keep our readers informed with the most...
How Recurring Payments Affect Credit Card Processing Rates Setting up recurring payments has become a popular and profitable way for businesses across multiple industries to generate ongoing revenue. Recurring payments are often seen as a win-win for merchants and...
What is a Qualified Processing Rate? Qualified processing rates refer to the merchant fees that a business pays for a specific type of credit card processing, known as tiered or bundled pricing. Depending on the merchant account agreement and fee structure, the...
What is the Cheapest Way to Accept Credit Card Payments? Accepting card payments can be costly for many businesses. With average credit card processing fees ranging from 1.70% to 2.50% per transaction, card payments can take tens or even hundreds of thousands from...
