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29/01/2010 -
Many businesses want to add debit and credit card processing to their merchant services, but are deterred by the fees associated with doing so.However, as an increasing number of consumers turn to plastic payment methods instead of cash or cheque, electronic payment processing is more crucial than ever.
To get the benefits of debit and credit card processing without some of the scary fees, small businesses may want to talk to Visa and MasterCard about negotiating their interchange rate, the Wall Street Journal reported Friday.
Interchange fees account for approximately three-quarters of the fees associated with payment processing, Trisha Wexler, a spokeswoman for the Electronic Payments Coalition, told the Journal.
Small business owners may also want to discuss their rates with their merchant account bank.
"Negotiations between retailers and acquiring banks are proprietary, but I do know that there is nothing prohibiting anyone from negotiating a volume deal with the network," Wexler told the Journal.
Interchange rates have been a particularly thorny issue in the Canadian payment processing industry, as MasterCard and Visa prepare to shake up the Interac-dominated debit market.
