Did you know that your monthly statement is a great place to find notifications about important industry changes? Especially regarding billing. Always check your statement when it comes in the mail or via www.MXMerchant.com.
In the July 2014 statement, for example, there are notifications regarding a change in the way fees will appear on all future statements. Most important to know is the MasterCard Acquirer Access Fee will now be assessed at different rates for card present merchants verses card not present merchants. This is always the way MasterCard intended the fee to be billed. However, because Priority Payment Systems’ billing software was not programmed to differentiate card swipe from key entered on the authorization fee, all merchants had been previously billed at the lower card present amount.
Moving forward the fee is assessed at half a penny ($0.005) for card swipe transactions and ¾ of a penny ($0.0075) for each transaction that is key entered. Please note that the difference is nominal for card not present merchants and there will be no change if your customers are face-to-face.
At any time, should you ever have questions regarding your statement or the notifications contained within them, please feel welcome to reach out to your eCMS representative. Each of our helpful staff members is here to guide you through industry changes and/or fee questions. We are all happy to be of service to our valued clients!