MarkOly - 7:23 pm on Apr 9, 2013 (gmt 0)
The only thing I never liked about my banks merchant account was the never-ending interchange rates (fees). They'd charge one thing for a credit card, something else for a Mileage Card, and a third fee for a GM Purchasing card. It's impossible to predict what your monthly statement will look like.
Yeah, that's the hard part to quantify when you're comparing merchant accounts. The mid-qualifying and non-qualifying rates.
A few years ago, I finally accumulated 20,000 points ($200) in 1% cashback rewards on my Visa. So I was eligible for the $10 gas cards. I just ordered 20 of those. Why waste points on the food processor that they double the price on? When I received the 20 gas cards, I remember wondering "Who pays for this? It can't be Visa. They would have lost $200 on me to date." It wasn't long after that I was on the phone with someone from my merchant provider and he explained to me that either the mid-qualifying or non-qualifying rates were to compensate for the 1% cashback rewards and things like that.
Then there's the 5% off fuel or food purchases that Visa and Discover offer each quarter. Who pays for that? It has to come right out of the vendor's pocket.