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As companies transition to online payment platforms, the complexities of payment processingcosts can often lead to unexpected expenses that eat into margins. Understanding these costs empowers businesses to make smarter financial decisions.
Consider the following security and compliance features when choosing a payment gateway: PCI DSS Compliance – The Payment Card Industry DataSecurity Standard (PCI DSS) is a set of rules and principles designed to keep payment card information safe and secure.
Interchange fees, assessment costs, monthly fees, and other expensesall factor into your overall payment processingcosts. By ensuring you understand if there are any hidden fees, youll be able to get a clear understanding of the total cost of ownership. On top of that, theres no need to pay for anything you dont need.
However, the percentage markup rate does not give you a full picture of your processingcosts. Effective rates The effective rate is what you want to look at to truly understand how much you are paying for your credit card processing.
An ACH payment facilitator, therefore, is simply a PayFac that allows users to accept payments through an electronic bank-to-bank network. ACH transactions are one of the fastest-growing modes of electronic payments in the world due to the convenience they offer, low processingcosts, and enhanced security.
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