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
Payment Industry Term: Processor - 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. Processor, when used in context with payment processing, means: Processor – An organization that is connected to VISANet and or Banknet and provides authorization and/or clearing and settlement services on behalf of a member. For additional information on payment industry terms... Read More
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!
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 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
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 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
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