By Cheryl Lindloff, Guest Expert Cheryl Lindloff is the founder and CEO of Aurora Technology Group LLC, an e-commerce solutions company. In online business today, accepting credit cards is a must.
Consumers enjoy both the convenience and the security of buying with a credit card.
What you'll pay is based on a variety of factors, but two main elements are how the transaction is classified and your average ticket sale. Each of your transactions will be classified as either qualified, midqualified or nonqualified. Transactions that do not satisfy all qualified transaction conditions, as established by Visa and MasterCard, are assessed either a midqualified or a nonqualified surcharge. The category of credit card used in a transaction is one factor that determines how a transaction is classified. For example, corporate cards are often considered high-risk.