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An INSIDE Analysis of Credit Card Processing and the Payment Industry
Credit Card Processing Information

The Payment Industry, and in particular, credit card processing, is complex. Without an unbiased insight, a merchant can easily fall trap to unfair pricing and pay large fees to accept credit card payments. Merchants are faced with confusing statements, hundreds of various payment processing fees - including costly layers of discount rates, transaction fees and surcharges - in addition to the numerous processing options offered by merchant service providers, payment gateways, and other payment processing entities. Our role, at VeriProcess, is to help organizations that accept credit card payments reduce their payment processing expenses by identifying and correcting areas of overspend. We function as merchant advocates and our expense reduction services do not require you to change your existing merchant service provider. Our experience and expertise in the Payment Industry puts the knowledge in your corner when navigating the complexity of payment processing, and our results-based fee model incents us to deliver maximum savings.

One of our goals at VeriProcess is to develop more informed, knowledgeable merchants, as we believe the more you know, the better you can drive your business toward greater efficiency and, ultimately, financial success. The articles, posts, and whitepapers from the PAYMENTINSIDER will help you navigate the complexity of payment processing and will create transparency for an industry that is troubled with confusion and questionable practices. Of course, you don’t have to understand all the intricacies of the payment industry – that’s our job.

Payment Processing Information FEATURED POST:
Payment Industry Term: Originator -
Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Originator, when used in context with payment processing, means: Originator – A financial institution that initiates a wire transfer or automated clearing house (ACH) payment. ... Read More
Payment Processing Expense Reduction SIMPLE. EFFECTIVE.
The VeriProcess merchant service audit, processing optimization, and reporting will help your business eliminate unnecessary credit card fees while delivering maximum transparency and measurable results. Our approach is simple, but our results are effective. Start Saving Today!

Address Verification Service (AVS)

The Address Verification System (AVS) is a system designed by bankcard processors used to verify the address of a cardholder. The system will check the billing address of the credit card provided by the user with the address on file at the credit card issuing bank. The processing network then sends an AVS response code indicating the results of the match to the payment gateway, which would be visible to the merchant. AVS only verifies … Read More »

Level 2 and Level 3 Data Processing

Credit card transactions can usually fit into one of three different categories: Level 1, Level 2 or Level 3 processing – although there may be downgrade fees depending on how the transaction is processed. With each level of processing, there is a certain amount of data and requirements needed for verification and authorization. This data can range from very limited to very detailed, depending on the type of credit card being processed. The more data … Read More »

Interchange Fees and Payment Processing

Interchange Fees are the largest component of the costs to accept credit card payments and are set by the payment card brands. These fees are the wholesale merchant account rates for the various types of credit card transactions. There are hundreds of interchange rates, which vary based on payment card brand, payment card type (credit, debit, specialty), merchant category code, amount of transaction being processed, and the amount of data being passed through as the … Read More »

Merchant Service Account Types

There are two main merchant account pricing plans, Tiered/Bucketed pricing and Interchange Plus pricing. However, from a cost savings perspective, there’s only one plan you should consider – Interchange Plus pricing. Interchange Plus pricing is the most transparent pricing plan for credit card processing and is the payment processing plan type VeriProcess recommends for all merchants. The merchant pays the interchange rate set by the card association – without any intermediary markup. The ‘Plus’ portion of the pricing plan, the … Read More »

VeriProcess Helps Merchants Save On Processing Fees

VeriProcess helps organizations that accept credit card payments reduce their payment processing expenses by identifying and correcting areas of overspend. We provide guidance and consultation on payment processing fees and methods. Our proven strategies deliver solutions to reduce this cost through ongoing analysis, processing optimization, and competitive processing rates. Our proprietary tools audit and analyze credit card processing, and provide transparency to merchant fees and statements. Our exclusive 11 Point Credit Card Processing Audit will … Read More »

History of Payments

Throughout history, people have produced goods or services in exchange for payment. What began as a bartering system has evolved into a complex and technical process, involving multiple financial institutions and businesses, numerous forms of currency, and a technical process designed to simplify and speed up the transaction for the consumer. With the focus on consumer growth, the businesses that utilize these merchant services face a steep learning curve and are an easy target for … Read More »

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