When customers choose a credit card, they also cover the fee. When customers choose a debit card, they pay no fee, keeping you compliant.
Intelligent Rate prices different cards at their different costs. Consumers with low cost cards pay a lower fee (as low as 0.75%).
In addition to eliminating the majority of your credit card processing expenses, you'll be able to:
1. View your sales dashboard
2. Access transaction details
3. Search payment history
4. Securely store and tokenize customer data, including payment details
No upfront costs and no term contract. Simply process transactions and receive the full amount of the sale on credit card transactions.
Zero Cost Processing is available to businesses in 46 states plus the District of Columbia. Service is not yet available in Colorado, Connecticut, Massachusetts, and Kansas. Maine and New York have additional terms that apply.
For $35 per month and no contract, we'll provide you with a top-of-the-line EMV terminal to process card present transactions .
For payments made over the phone or through your website, we'll provide you with cloud-based software or the API integration for e-commerce at no cost. Everything is safe and secure, keeping you 100% compliant.
When customers pay with a credit card, they also cover the 3.5% fee. At the time of the purchase, the customer is informed of the fee amount, and they are always given the option to pay with a "no fee" method.
Customers paying with a debit card won't incur a fee - keeping you compliant. To comply with the rules, software algorithms detect when a debit card is entered and applies no fee. Standard debit cards cost the business 1.00% and $0.25 per card, while premium debit cards cost 3.38%.
No upfront costs and no term contract. Simply process transactions and receive the full amount of the sale on every card transactions.
MCC 9311 – Tax, MCC 9222 – Fines, MCC 9211 – Court Costs, MCC 9399 – Misc. Gov. Services, MCC 8220 – College Tuition, MCC 8244 – Business and Secretarial Schools, MCC 8249 – Trade Schools, and MCC 8211 – Elementary and Secondary Schools.
For $35 per month and no contract, we'll provide you with a top-of-the-line EMV terminal to process card present transactions.
Surcharging percentages range from 0.75% on debit cards to 3.99% for rewards cards, all with a $1.99 minimum. The percentage cost will be calculated, in real-time, based upon the type of card processed.
Intelligent Rate is powered by a patent-pending technology that determines card type and cost of acceptance in less than a second. The result is a forward-thinking payment solution that provides the transparent experience today’s consumers expect.
With Intelligent Rate, consumers are responsible for covering only the costs they create, just like with utility bills and other consumer services. In contrast, a flat-rate service fee forces a consumer with a low-cost card (i.e., debit card) to subsidize a consumer who uses a higher priced card.
Learn more about the Intelligent Rate program. Transactions are priced according to the cost of acceptance.
Enter your debit/credit card in the sample hosted payment page to see the Intelligent Rate calculations.
Intelligent Rate Pricing
Using patent-pending technology, card numbers are analyzed in real time and the intelligent rate is calculated depending on the type and classification. This allows consumers to see the cost of using their debit card or credit card prior to processing the payment. The service fee ranges from 0.75% (debit cards) to 3.99% (rewards cards).
All transactions are subject to a $1.99 minimum service fee. For example, a $50 transaction that has an Intelligent Rate classification of 2.00% would trigger the minimum rate of $1.99 as the calculated rate would be $1.00 ($50 * .02).
When consumers pay with a debit card or credit card, a governmental entity or education facility would receive 100% of its billed amount. Velocity Processing collects the service fee and pays all transaction costs.
Following the November 2015 decision in Dana's Railroad Supply v. Bondi, merchants can now use CardX in Florida.
On January 10, 2019, the Florida Bar issued their position on surcharging stating "Bar members may pass along banking fees and other related expenses when accepting credit card payments from clients."
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.