It has been little more than one year since the liability shift began on October 1st, 2015, where merchants would be liable for fraudulent a...
Headquartered in downtown Decatur, GA, COCARD has provided simple, secure and cost-effective electronic payment, data convergence, POS Systems and fraud prevention services for clients across the country since 1989. Our client list includes some of the world’s largest retail and service-oriented businesses, and we have earned a reputation for having the most complete and robust selection of payment processing and authentication services in the industry. We are proud to be a Better Business Bureau A+ Accredited Business.
Businesses who want to accept credit cards online or in person must apply for a merchant account. After approval and set up a business can start accepting credit cards, debit cards, gift cards and newer forms of payment like EMV chip cards or NFC mobile payments like Apple Pay or Android Pay. This is widely known as payment processing or credit card processing. The company that powers the credit card transactions is known as a payment processor, credit card processor or merchant account provider.
Most business owners focus on rates when searching for a payment processor. When they find the processor with the lowest discount rate, business owners think they have found the least expensive payment processing solution.
Unfortunately, that isn’t always the case. Credit card processors often advertise only their “qualified” (ie., lowest) discount rate, then they add surcharges on to their mid-qualified and non-qualified discount rates. This means that merchants may pay hundreds or even thousands more in processing fees than they were led to expect.