As more information becomes available about credit card processing and more people with superficial knowledge write about the topic, interchange plus is often touted as the be-all end-all to opaque billing and high credit card processing charges. This is a dangerously expensive misconception.
Understanding how credit card processing fees are determined and how different merchant account pricing models work can save your business hundreds of dollars a month in transaction costs. One of the first questions you’ll ask is “Which should I go with, tiered pricing or interchange plus?” Tiered pricing is never in your best interest, but don’t just take my word for it. In this article, I’ll lay out the differences so you can see for yourself.
Remember when Starbucks made changes to their customer loyalty program and it resulted in a 50% plunge in customer perception? If stories like that make you hesitant to make changes to your customer loyalty program, don’t fret. Sometimes, change is necessary and benefits your members so it’s all in how you position and communicate the changes.
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