Did you know that banks automatically add 0.3% - 1.2% on each transaction if you do a phone order depending on a card type? They motivate it by including a risk of a stolen card or any possible fraud.
It equals $60-$240 a month on a $20,000 worth of sales!
We equip our clients such as delivery places with mobile swipers that work on any cell phone. This way we lower chances of chargebacks beacuse the card is present at the sale and banks can't add these fees associated with risk of possible fraud.
Did you know that you are automatically liable for swiping a chip card?
All customer needs to do to win a chargeback is to call their bank or Visa and tell them that you swiped their chip card.
EMV compliance deadline was set for October 2016. There are still many businesses who swipe chip cards.
The restaurant owner I know has had over $4000 in charge backs in one month. It looks like someone abused the system in that restaurant but unfortunately Merchant was out of compliance.
Be aware of that, and make sure you have a way of connecting any EMV enabled option for your business.
Heartland Payment Systems has recently been purchased by Global Payments who is going IPO now. Obviously...to get better evaluation...guess who is paying for their stock value!
We usually see that Heartland increased their rates three times.
If you have been using Heartland for over two years, you should check your rates with another provider.