With MX Merchant, it’s easy to store your customer’s payment details for later use. Once your customers are in the system, you’ll have historical records of their purchases and an easily searchable database of your payment history. Watch the video to see how to use the Customer Database.
MX Marketplace allows you to download additional apps to your account, such as B2B processing, Invoicing, Merchant Insights and more.
Mastercard allows issuance of two distinct card types – Consumer and Business. Depending on your customer demographics, most card-present or “retail” merchants will receive predominantly Consumer cards. Read on to see how different cards qualify for different interchange rates.
Visa allows issuance of two distinct card types – Consumer and Business. Depending on your customer demographics, most card-present or “retail” merchants will receive predominantly Consumer cards. Read on to see how different cards qualify for different interchange rates.
Visa/Mastercard set the underlying interchange rates for all credit card transactions. Those rates vary widely, based on a variety of factors beyond the type of card being presented. The type of card is important! But, many other things impact the underlying rate, such as the size of the sale, the time difference between the authorization/capture, data captured with the sale, and more. We’ll show you how to get the lowest rates!
This pricing model works by adding a constant margin onto the underlying interchange-rate. It’s widely considered the fairest model in the industry.
Interchange is the underlying cost of every credit-card transaction. It’s what every provider pays back to your customer’s issuing bank.
With Clover Mini and Flex you’ll get to choose which monthly plan makes the most sense for your business. Since everyone’s different, Clover allows you to select the plan that works best for you. All Clover monthly service fees are charged by Clover directly and billed to the bank account on file.
Mastercard credit cards are issued to customers not by Mastercard, but by an issuing bank. These credit cards will have varying terms/rewards, as every bank is different. The below guide is a handy reference to see how cards are typically classified. Note that issuing banks have a lot of “leeway” in how they classify a card. So, some cards may have similar benefit structures, yet will fall into different categories. What’s important to keep in mind is that you have NO control over this aspect of card acceptance. You can’t tell what type of card you’re accepting just by looking at it, and most customers won’t even know their card type if you ask them. This process is designed to be “invisible” and in the background.
Visa offers several different card types that banks can issue to their customers. The more “perks” that each card offers, the more they cost in interchange fees. See the main categories of Visa cards and see how it all works out by reading on.