Category Archives: check processing solutions

Costs and/or Fees involved in Credit Card Processing.

The only thing constant in this world is change, and with the rapid technological changes happening and the requirement to go digital has become the need of the hour. You can be a novice or an old timer merchant in your industry, to sustain we have to adapt to the changes. 

This is the place where we Radiant Pay step in, we provide our clients with up to date services by keeping up with the new technological advancement. Before selecting any processing service provider you should know what you are getting into. Below are the different fees or charges which come into the pictures that a merchant should be aware of: 

  • Merchant Discount Rate

A merchant is charged to process debit or credit card payment transactions. One shouldn’t not consider this charge because you compulsorily have to comply with those and can affect the end profit margin. These rates typically range between 1% – 3%.

  • Interchange fees

This fee is paid to the card issuing bank by a merchant with every credit and debit card transaction.The rate at which fees are supposed to be paid is not fixed and revised at regular intervals of time. The rates are different for debit card and credit card and on every financial transaction it is charged respectively.

  • Assessment/Service Fee

It is charged depending upon the total number of monthly sale transactions.This fee is paid to the credit card networks. It usually is a small percentage but is affected by factors like your monthly sales volume or risk involved.

  • Mark up fee/processing fee

As the name suggests, it is the fee charged for covering the cost of processing by credit card processing companies. It changes depending upon the plan chosen.

  • Chargeback Fee

It is the fee charged by acquiring banks to cover the administrative expenses incurred when processing the chargeback. A credit card chargeback occurs when the cardholder disputes a previous credit card charge and wants to nullify the sales transaction. Essentially the customer asks the card issuing bank to return those funds to the customer’s bank account.

It is the charge which is pressed by acquiring banks to cover administrative expenses which were incurred while processing chargeback. 

It might seem chaotic but Radiant Pay has a wide range of solutions and services for seamless operation and will add value to your business 

Ignore visiting banks: Learn time-saving methods through Electronic Check Processing

What is Electronic Check Processing? 

Electronic check processing implies that you can change over a paper check got from a client into an electronic exchange that takes assets from your client’s record and places them into your record. This exchange happens using the Federal Reserve Bank’s Automated Clearing House (ACH) framework. It’s a quicker, more affordable approach to get your cash. 

What is the ACH Network? 

Put just, the ACH system moves cash starting with one substance then onto the next – electronically. The Automated Clearing House (ACH) Network is profoundly dependable and productive across the nation clump situated electronic subsidizes move framework which accommodates the interbank clearing of electronic installments for partaking storehouse money related organizations. The Federal Reserve and Electronic Payments Network go about as ACH Operators, focal clearing offices through which monetary organizations transmit or get ACH passages. 

ACH Transaction Types: 

Direct Deposit of finance, Social Security and other government advantages, and expense discounts 

Direct Payment of purchaser bills, for example, advances, service bills and protection premiums 

Business-to-business installments 

Electronic Checks (E-checks) 

Web-based business installments 

Government, state and nearby charge installments. 

In case you’re getting your checks legitimately saved into your financial balance, you’re as of now utilizing the ACH organize. You can use this framework for your business with the goal that you never need to go to the bank again- – you can process checks electronically from your PC.

Electronic Check Processing Enables Your Business To: 

Improve income with snappier access to your cash 

Spare your clients time and cash 

Increment on-time accumulations 

Get 48-hour notice of NSF 

Wipeout manual compromise of deficient assets 

Take out time-squandering outings to the bank