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Understand the Processor

The best processor for your account is one that serves your bottom line, is knowledgable about the services they offer and listens to your business needs. Sometimes knowing the best rate can be a confusing task. Some companies advertise a rate of 1.69% or similar which may sound like a great deal, but when the statement arrives the reality could be alot different. The rate which really matters to your business is called the effective rate. The effective rate is the cost of your processing, rates and fees combined which tells you the true picture. To find this out is simple enough, just add all of your processing fees, statement fees, monthly minimum, etc. Take that number and divide into your total processing. Here is an example:

Theoretical breakout of a merchant with a 1.69% qualified rate

  • Processed $1000 @ qualified 1.69% totaling $16.90 in fees
  • Processed $1000 @ mid-qualified 3.28% totaling $32.80 in fees
  • Processed $2000 @ non-qualified 3.58% totaling $71.60 in fees
  • Processed 100 transactions @ $.30 totaling $30 in fees
  • $25 Statement Fee
  • $8 Batch Fee
  • $1.40 AVS Fee

The effective rate is the addition of these fees, $185.70 divide by $4000 for a total of 4.64%. In this case the real rate is 4.64% not 1.69% as advertised.

Our processing providers are leaders in their field. Companies with experienced management and a shared focus with MyStoreCentral in not only providing the means to accept EPM but to contribute to your business growth. Our aim at MyStoreCentral is to save you time to focus on your business by eliminating complexities in reporting and navigating your processing. Saving you time by expertly providing the information you need to accept the business you want. Our processors listen to their customers and won't push an unwanted solution on you.

Once your ideal business solution is known next you can negotiate rates and fees, another area where our processors excel. They can negotiate a very competitive rate for you and ease the process of approval with participating banks. Next they will quickly build and configure any equipment needed, then install and activate your equipment, typically a process that takes no longer than 24 hours. You can be up and processing as soon as the next day after signing, whether you are buying new equipment or simply converting your old.

After your equipment has been activated you are automatically signed up for MyStoreCentral. Click here to learn more.