How To Find Debit Card Processing Rates

If you’re looking for the best debit card processing rates, there are a few things you’ll need to keep in mind. First of all, it’s important to understand that there are two types of fees associated with debit card processing-interchange fees and assessment fees. Interchange fees are set by Visa and MasterCard, and they’re the largest component of your total processing fees. Assessment fees, on the other hand, are charged by your acquirer (the company that provides your merchant account) and cover things like fraud protection and chargebacks.

When it comes to finding the best rates, you’ll need to consider both interchange and assessment fees. To get the lowest interchange fees, you’ll need to process transactions through what’s called a “qualified” merchant account. This type of account comes with a number of restrictions (such as not being able to offer rewards or discounts for using a debit card), but it usually results in the lowest processing fees. If you don’t want to be restricted by a qualified merchant account, you can still get lower interchange fees by processing a high volume of transactions or by signing up for a merchant account that offers special interchange-plus pricing.

Assessment fees, on the other hand, are mostly within your control. Acquirers charge different assessment fees, and some even offer discounts for certain types of businesses (such as restaurants). To get the best rates on your assessment fees, it’s important to shop around and compare offers from different acquirers. When you’re comparing offers, be sure to look at the total cost of ownership for each option-not just the upfront costs. For example, some acquirers charge higher monthly fees but offer lower per-transaction fees.

Others might have lower monthly fees but charge higher per-transaction fees. In the end, you’ll need to decide which option is best for your business based on your specific needs.

If you’re looking for the best debit card processing rates, taking the time to understand interchange and assessment fees is a good place to start. By understanding these fees, you can be sure you’re getting the best rates possible for your business.

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