Call Us Today (800) 597-0713

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(800) 597-0713

Partnership You Can Trust

Questions Asked by Savvy Business Owners

Partnership You Can Trust

Questions Asked by Savvy Business Owners
Q. What are Merchant Services?

Merchant services are the financial services used by business organizations. It is particularly about the processing services of the merchant, which allow companies to receive payments in a transaction through a safe channel.

Q. What kinds of credit cards can I accept?

Visa, American Express, MasterCard, and Discover; in addition, support private label cards with loyalty programs as well as gift cards.

Q. How are monthly fees paid?

Fees from the previous month are debited within the first week of the following month.

Q. Can a business charge a fee to use a credit card?

Merchants are permitted to charge customers a convenience fee if the customer chooses to make a payment with a credit card using a “non-customary” channel. For example, if a business primarily accepts payments in person, then a convenience charge may be included when a client chooses to pay over the phone or through the mail.

Charging customers extra for paying with a credit card, regardless of channel, is known as a surcharge. This practice is not allowed in ten states: Oklahoma, Florida, Kansas, Colorado, Connecticut, New York, Maine, Massachusetts, and Texas.

Q. Are disclosures required to charge customers a fee to use a credit card?

Mastercard, Visa, Discover, and American Express require merchants to provide customers proper notice of extra charges at the time of a sale. In addition, the receipt provided to the consumer must clearly indicate an extra charge was added to their bill.

Q. Can surcharges be levied on the prepaid or debit card transactions?

No, surcharges cannot be applied to prepaid or debit card transactions. This rule still applies if the cardholder opts for ‘credit’ as their options when using a debit card.

Q. How does Swype Fast assist with processing fees on credit cards?

With Swype Fast’s Cash Discount program, you can successfully eliminate up to 95% credit card processing charges by using our platform to ensures compliance with fees passed to your customer. The additional charges are charged to everyone except those paying with cash.

Q. What is Swype Fast’s cash discount program?

A Cash Discount program enables you to offset all or a significant portion of your processing charges without increasing the rates on products or services. Swype Fast proprietary technology allows the merchants to levy a service charge to their clients while remaining compliant to rules set by the major credit card providers.

Q. What guidelines are required to collect a processing fee from customers?

Both credit card companies and state/federal laws provide specific guidelines to follow and Swype Fast’s platform ensures your compliance with the five primary rules.

Rule 1 – Never charge a processing fee higher than the actual cost of processing.
Rule 2 – Fee cannot exceed 4% of the transaction.
Rule 3 – Never surcharge a prepaid card or debit card.
Rule 4 – Always notify your customers of the charge at all payment terminals.
Rule 5 – Credit back the customer the proper amount in fees during refunds.

Q. What’s the difference between a surcharge and a convenience fee? Why does it matter?

A surcharge is a fee to the customer to cover the cost of a card transaction. Whereas, the convenience fee is charged to the customer for choosing to use a credit card for payment. While the definitions may seem a matter of semantics, the differences are significant when applied to your business.

By applying a convenience fee instead of a surcharge, a Cash Discount program becomes a viable option for eliminating up to 95% of card processing fees.

Business Address

Berryhill Road
Columbia, SC 29210
(800) 597-0713

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Business Address

Berryhill Road
Columbia, SC 29210
(800) 597-0713

Contact Us
Privacy Policy