The card associations (Visa, MasterCard, American Express, and Discover) maintain over 1,400 classifications of card types. The key to reducing expenses is not simply lower pricing, but advanced education and training to ensure that transactions are clearing at the optimal levels.
Are you ready for advanced clearing?
Merchant accounts have back-end configurations based upon industry codes (MCC / SIC), hardware, software, expected card classifications, and the options selected when your merchant application was first submitted. All of these variables impact your merchant account and directly impact the fees that you pay to accept credit and debit cards.
A perfectly configured merchant account still has human input, and potentially, human error. Bypassing certain fields which may be viewed as optional may in fact be driving your pricing up. Ever wonder why the banks and processors don't proactively share this information? Simple - surcharges create extra profit.
Velocity Processing is a registered Independent Sales Organization (ISO) / Member Service Provider (MSP) of Elavon, Inc. Georgia, a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN. Elavon has been processing electronic payments for 37 years and maintains an "A+" rating with the Better Business Bureau.
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