Question 1: True or False, All merchants use the Qualified, Mid-Qualified, and Non-Qualfied Rate pricing structure
Answer: False - There are numerous ways to structure the pricing on a merchant account. Interchange Plus and 3 Tier are 2 common ways. There are also instances where one fixed rate or a flat monthly cost is used.
Question 2: True or False, Merchant Processors make money as long as they charge more than 0% a transaction
Answer: False - Merchant Processors have a base cost. There are over 400 base cost categories known as Interchange. Visa and MasterCard dictate these charges.
Question 3: True or False, I have been told my credit card terminal is Non-PCI Compliant. This is a trick to sell me a new terminal.
Answer: False - Your credit card machine must meet the Payment Card Industry compliance regulations. Certain credit card machines are phased out when their security parameters are out of date. Penalties for using a non-compliant terminal are severe.
Question 4: True or False, I like to save money and improve the margins on my sales
Answer: True - Good Answer. New York City Merchant Services wants to build a long term relationship. We want to make sure you save.
