It's that time of year....

[Diane_2008]

Hi all,

If you currently process credit cards in your salons, you are probably already aware of the Visa/MasterCard rate increase. Rates should only increase by 5-10 basis points (0.05%-0.10%). If you see an increase of anything more than that, contact your merchant service provider and negotiate a better rate.

 

[Cathie!]

Hi all,

If you currently process credit cards in your salons, you are probably already aware of the Visa/MasterCard rate increase. Rates should only increase by 5-10 basis points (0.05%-0.10%). If you see an increase of anything more than that, contact your merchant service provider and negotiate a better rate.

Are you saying that as the interest rates increase so do the rates we pay for our merchant services on credit cards....I assumed they were fixed and the card holder bears the brunt of the interest rates on their balance?

 

[Diane_2008]

Are you saying that as the interest rates increase so do the rates we pay for our merchant services on credit cards....I assumed they were fixed and the card holder bears the brunt of the interest rates on their balance?

Cathie,

Per CPI (Consumer Price Index), everything goes up. Review your merchant services statement this month and if there is an increase, you may call and ask for a better rate.


Diane Kraatz

 

[Urban Geek]

Are you saying that as the interest rates increase so do the rates we pay for our merchant services on credit cards....I assumed they were fixed and the card holder bears the brunt of the interest rates on their balance?

I think it might be different here in the UK (I hope so!) than in the USA x

 

[Jen Smith]

I think it might be different here in the UK (I hope so!) than in the USA x

I think you are right Chris... when I signed for my terminal and merchant service account, the contract stated my rate per transaction for cc's and how much per debit card. There was nothing on there about this rate varying.