Michael Dattoma takes a question from a retailer who’s considering a change from a premises-based point-of-sale system to a cloud-based system.
Q: I understand there are some really high penalty rates with Visa and Mastercard for not following proper procedure. How do I know if I am doing things correctly so I can avoid penalty fees? A: Yes, you are correct, and this will lead me deeper into the topic of Interchange Plans. In the past [...]
Q: Can you explain credit card interchange plans and if they can save me money? I am currently being charged different rate tiers (such as Qualified, Mid-Qualified, and Non-Qualified rates) and my fees seem to keep going up each year. What is my best course of action? A: Once upon a time, credit card processors [...]