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WHAT ARE THE CHARGES APPLIED WHILE MAKING TRANSACTIONS THROUGH THE SPORTSBOOK CREDIT CARD PROCESSING ACCOUNT?

There are two types of transactions that can be made using the credit card or the debit card. The banks provide the card processing facilities to the merchant account holders but a certain amount of fee is charged for each transaction. An Inquiry fee is charged to the merchant every time he accepts payments through the credit card and sends it for processing. A small amount or percentage of amount is charged as a transaction fee on each transaction. Another type of charges is the percentage charge. In other words, a certain amount of fee is charged depending upon the rate of the credit card or the type of transaction according to the type of the credit card. There are also various categories of credit card. They are:

Card Present transaction: This is a basic mode of making payment using the credit card. After making the purchases, the credit card is swiped against a credit card terminal which processes the payment methods. Once the processing is successful, a bill receipt is obtained from the system which has to be signed by the customer and then return to the merchant. A copy of the bill receipt is also given to the customer for reference.

Card Not Present Transaction: This system is also called as MOTO. Here, the physical use of the credit card is not required. This type of transactions takes place while making payment through mobile banking or the internet banking services. The credit card information is only required in order to complete the transaction. The customer has to enter the required information of the credit card into the credit card terminals. A high rate is imposed for such transactions.

The credit card rate is determined by the type of credit card. There are also many types of credit card rates. The merchants are charged with the credit card rates for processing of the credit card while accepting. This fee includes the processing methods, the type of card processed and the time consumed during the transaction. The merchant has to be efficient in deciding as to which transaction system to avail. In other words, the merchant should decide whether to have a card present transaction or card not present transaction system. There are also various plans and schemes in the processing as well as acceptance of the credit card. They are called Qualified, mid-qualified and non-qualified charges.

The qualified term is a simple and common transaction type. Here, a credit card terminal is used to process the credit card transaction. The transactions are recorded and processed at the end of the day as batch processing. A low rate of interest is charged for this type of plan. In the mid-qualified plan or scheme, the physical use of the credit card is not required. The customer has to enter the credit card information to make transactions. These transactions are also sent for batch processing which takes about 1 to 2 working days. In the non-qualified plan or scheme, the credit card rate is higher among the merchandise industries. This service is available for all the corporate cards and the government cards. The time consumed for the processing is about 2 days but it doesn’t matter much because of the high rate of interest. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.