MasterCard recently announced a new fee that will be billed on a per location basis. This Location Fee will be $7.50 per location for 2016 and will be billed to your account by the end of the year. Why? Because they can. The answer is that simple. Each year the card associations meet as new regulations come down on them, to review the interchange and make “what they deem” the appropriate adjustments to keep rates, rewards and fees all in line for all parties involved.
We haven’t shied away from pointing out the ins-and-outs of payment processing. We’ve touched on 10-facts SMBs need to know to Decoding payment processing lingo and more. Transparency has been the fuel behind our efforts in hopes of dispelling the very topic this post is about. Payment processing, and even more specifically, credit card processing, has become notoriously known to pad its prices and issue statements meant to confuse by design. From the lingo, to the statements, to understanding the capabilities of the technology you signed up for and more, the lack of customer service simply becomes the icing on the cake for the majority of merchants.
In our world getting paid is everything. It’s what we focus on day in and day out- making sure our merchants get paid on time, every time. But when you run into cash float and collections issues – sometimes you need extra working capital to hold you over, help you grow, complete upgrades or make repairs. And in these cases we direct our merchants to our great working capital loan partner that focuses on loans built for small to medium-sized businesses - OnDeck.
Topics: merchant finances, merchant fees, easy to qualify small business loans, working capital, working capital loans, small business loans, small business line of credit, small business working capital