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In fact, the vast majority of business owners are on a tiered plan, which may make it more difficult to review and understand some statement charges.Tiered pricing plans categorize credit card transactions into three categories – qualified, mid-qualified and non-qualified Generally, qualified rates are the lowest, and the transaction rates increase for mid-qualified and are highest for non-qualified transactions.They vary by name, value, and applicability, but at least some of them will show up on your monthly statements.Incidental Fees Flat fees are always charged, but incidental fees only appear per incidence.Qualified transactions must meet all of the processor’s criteria for processing, such as a swipe in-person with a batch settlement the same day.Failure to meet one or more standards may result in a ‘downgrade’ to mid-qualified or non-qualified tiers.When a chargeback occurs, for instance, you are charged a chargeback fee. ) not have any chargebacks, and, therefore, the fee will not be charged.
Interchange Plus The first is referred to as an interchange plus pricing model.
In any given transaction, the above-mentioned parties play a role.
Here’s a graphic to help you visualize the flow of a typical credit card transaction.
(Note: Credit Card Processors and Merchant Account Providers usually fill the same role within a transaction, so that’s why you only see “Credit Card Processor” listed below.)Now that we’ve covered all the parties involved, let’s discuss the different types of fees in any given credit card transaction.
Transactional Fees These fees are assessed every time you run a transaction.