There is no such thing as an ideal processing program that works best for all merchants, how when where and with whom you accept payments will make a big difference on the pricing program and processor you choose. Some of the variables that make a difference:
- If the majority of your transactions are face to face, card present with the general public most low fee programs will work.
- If you qualify for one of the industry categories with special interchange fees including, Everyday Spend, Grocery, Gas and charities an Interchange Differential program (most common) will probably not work as well as an Interchange Plus program.
- If you do many transactions online or by phone with the card not being present, plans with low base rates will not help you because that rate does not apply to any of your transactions.
- If you do a lot of remote sales you might want to take advantage of some of the new options for remote transactions, cheaper and better (see the image above).
- If you do most of your transactions with other businesses or high rewards cards, plans with low base rates will not help you because that rate does not apply to any of your transactions.
- If you do business seasonally you want a plan that you can suspend fixed costs during the down time.
We can go on but you get the idea, a processing plan should be customized to your business not only for cost savings but to make your business work efficiently.
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