Interchange fees represent the majority of credit card processing fees charged to merchants, yet they are the least understood aspect of payment processing. To help merchants make sense of it all, we've provided an overview of interchange in our Merchant Education Center, as well as answers to merchants' most frequently asked questions about interchange.

Every day, more than five billion Universal Product Codes, or U.P.C.s, are scanned at retail establishments around the world. Given the omnipresence of the black and white symbol, it may be hard to believe that the first bar code purchase took place just 37 years ago, in June of 1974.

It’s also hard to believe that the widespread acceptance of the bar code is due largely to the efforts of a single man, Alan Haberman.

Every day, we hear from merchants across the country who opened credit card processing statements from our competitors to find an unpleasant surprise. The rates that they were promised when they signed up for their merchant accounts never materialized.

We often talk to merchants who are considering processing credit card and debit card payments through their local bank. It’s understandable... after all, these merchants have a relationship with the bank, and they like the bank’s services. The trouble is that banks are in the business of, well, banking — not payment processing. 

Odds are good that your local bank does not have the same tools and resources as a company that specializes in credit card processing. In fact, your local bank probably contracts out their credit card processing to another company, marking up services along the way!

Not convinced? We've put together five helpful questions that you should ask your bank before entering a merchant services contract. 

One of our employees recently brought in a postcard from another payment processor. The front of the postcard screamed FREE MERCHANT ACCOUNT and “Low Rate 1.15%”. The back of the postcard, in fine print, had the all-important disclaimer, “Rates low as…”

Sound too good to be true? Well, it is.