Online Credit Card Processors for Non Profits
Category: Business and Money > eCommerce
Asked by: brianhlee-ga
List Price: $140.00
24 Sep 2006 20:41 PDT
Expires: 16 Oct 2006 23:50 PDT
Question ID: 768125
Traditionally, online credit card processors are used to process payments for online stores, etc. These processors typically charge a monthly fee (~$25-50) and a percentage of the amount (.5 to 1.5%) per transaction. My question is that I am looking for a credit card processing company that will charge solely a fixed monthly fee for a non profit corporation. Or even for free! We do not mind paying the monthly fee, but (.5% to 1.5%) on tens of thousands or perhaps hundreds of thousands of dollars each month will amount to a huge amount of fees. If this helps, it also helps the credit card company because their services could be tax deductible. Thanks
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Re: Online Credit Card Processors for Non Profits
From: brettmansdorf-ga on 27 Sep 2006 21:01 PDT
In General, the card associations (V/MC) have a set of discount/transaction fees called InterChange. InterChange is better understood as Inter-Member-Bank-Exchange. The Members of each association (V/MC) are either Issuers (issue the cards) or Acquirers (Acquire the merchant transaction) or Both. Interchange actually is paid from the acquirer to the issuer - based on the transaction - through the clearing systems (V = BASE I & II and MC = INET & INES). This is the primary component of the basis charges to a merchant. Atop this, each association has Dues & Assessments (.0925% V & .095% MC) which is the funding of the associations themselves. Then you add the network (authorization and settlement) charges, the sales organizations charges - and out the other end comes your discount rate and transaction fee. Because these are mostly FIXXED costs - you will NOT find any 'free' services or flat rate services. Sorry to bring the bad news.
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