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This week, I wanted to do some research on what smaller organizations are facing in terms of credit card processing rates, so I headed on over to Chase Bank to appear into a [link widoczny dla zalogowanych] merchant account. I quickly located out that Chase Paymentech utilizes probably the most prevalent credit card processing fee structures - the three-tier technique.

The first tier is referred to as the Qualified Rate, that is when an individual swipes [link widoczny dla zalogowanych] their credit card within your retail location in individual. [link widoczny dla zalogowanych] This may be the ideal rate, and it can be almost often the 1 advertised by merchant providers to modest companies to lure you in with a low rate.

When a customer is utilizing a rewards credit card or if the card is keyed into your cash register or personal computer instead of getting swiped, [link widoczny dla zalogowanych] plan to obtain charged in the second tier, or the Mid-Qualified Rate.

But, here's when your rate seriously starts to skyrocket:
- When your clients gives you a corporate credit card.
- When a customer's address and zip code don't match what's on file.
- When your sales aren't sent by means of the terminal inside 24 hours.

In these situations, you'll be charged the third tier pricing, which is the Non-Qualified Rate of 3.44%. Though Chase clearly indicates what the rates will be at each tier, how will you know which transaction might be charge which rate? The only way [link widoczny dla zalogowanych] you'll actually find out is after you obtain your monthly statement and they deduct it from your bank account. In reality, Chase Paymentech is just not getting [link widoczny dla zalogowanych] transparent with how much they're pocketing [link widoczny dla zalogowanych] at every single tier.

Let me be the first to tell [link widoczny dla zalogowanych] you.three-tier pricing from Chase is the worst possible fee structure for tiny businesses!

Three Tough Questions to Ask Chase Paymentech
Chase Bank is trusted by numerous, and they're counting on this trust to dupe you into signing up for a merchant account. By saying "yes", you will literally becoming shopping for an overpriced service.

1. Why are you charging [link widoczny dla zalogowanych] me a $100 setup fee?
This is an instant $100 inside the pockets of Chase for no other reason than the truth that they are able to. Do not just hand it over with out asking why.

2. Why are you currently pocketing an additional 1% on all my debit card transactions?
As much as 60% [link widoczny dla zalogowanych] of all little business transactions [link widoczny dla zalogowanych] involve a debit card. What you [link widoczny dla zalogowanych] could not know is that the wholesale rate passed along by Visa/MasterCard is .62%. When you Chase's lowest rate [link widoczny dla zalogowanych] which is 1.62%, they'll be pocketing a full 1% from that transaction. This may well not appear like alot, but it definitely starts to add up! They're not genuinely searching out for your tiny small business, are they?

3. Why are you demanding a 23 cent fee for each and every transaction?
Believe of it this way. For just about every four transactions, Chase will probably be taking practically 1 dollar out [link widoczny dla zalogowanych] of your pocket! That does not even consist of the Qualified, Mid-Qualified, or Non-Qualified Rate that may be charged on the amount of the transaction. It may appear tiny, however it seriously adds up.

Go ahead and call Chase Paymentech proper now at 800.708.3740 to ask [link widoczny dla zalogowanych] them the tough questions. As a hard-working, tiny small business owner, you deserve to know why a person is trying to overcharge you. Just due to the fact you bank with a large corporation does not mean that they're going to give you the top pricing on your merchant account. Do your homework!