MX gives you the ability to integrate additional services with your account. Click the below video to see how to activate apps in MX Merchant. You can also scroll down to see a listing of popular apps. https://vimeo.com/157483974?loop=1 Popular Apps in MX MX Merchant B2B AppFor only $20/month, access the lowest [...]
Most in-person merchants will qualify for Visa’s CPS Retail rate structure. CPS stands for “Custom Payment Service”. The CPS classification is typically known as the best basic rate structure offered by Visa, and CPS requirements are often the “minimum” qualification requirements for more advanced interchange rates. Read all about CPS here. In a [...]
“EIRF” is an acronym for “Electronic Interchange Reimbursement Fee” – and it’s a card-type you’d prefer not to receive, if possible. This is the rate category that many cards will “downgrade” to. Some business types (like restaurants) will auto-downgrade to EIRF for many card types, and an EIRF classification can [...]
Visa has a special rate category specifically designed for nonprofits. Not all nonprofits will qualify – but if you’re classified with the MCC of 8398, or as a “Charity or Social Service” organization, then you’ll qualify for far-reduced interchange rates. Qualifications Only Charitable and Social Service organizations are eligible (MCC [...]
Hotels, Lodging merchants, and auto-rental merchants have special interchange rates from Visa. Because these merchants often take “extended authorizations” where transactions may be altered later on, there are different requirements. Visa allows for a longer authorization time-frame for these merchant types, but you’re required to submit additional information to take [...]
Visa has incredibly low interchange rates for merchants who are classified as a Utility. As these payments are considered “low risk” from a processing perspective, the interchange rates reflect that. You’ll see that many of the rates have no percentage fee, and just a flat, per-transaction fee. Qualifications Must be [...]
Terminal applications are closely related to MCC codes. All credit card terminals have a specific software downloaded to them, to allow for specific transaction types. Thus, having an incorrect terminal application may result in your terminal not allowing certain types of transactions. The “standard” terminal application is known as the [...]