At Volcora, we believe in transparent pricing and efficient payment processing. Our tailor-made solutions are designed to suit the unique needs of each merchant. Whether you're starting your journey with us or looking to switch from another provider, our commitment to cost-effective and reliable payment processing is unwavering.
Volcora brings clarity and simplicity to your payment processing needs with our Interchange Plus pricing model.
For all new merchants, we offer a competitive rate starting at 0.3% + 10 cents per transaction* on top of the interchange. This transparent model ensures that you pay exactly what we pay, plus a nominal markup for our services. (*Subject to change post evaluation of the business)
PCI Program Fee: PCI compliance is compliance with The Payment Card Industry Data Security Standard (PCI DSS), a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment.
Standard Non-Compliant Fee is $80.99, but as long as you complete the required guidance to stay PCI compliant after account activation, the discounted fee is only $6 per month.
In the world of credit card processing, the Interchange fee is a term you'll encounter frequently. But what is it exactly, and how does it affect your transactions?The Interchange fee is a fee that's paid between banks for the acceptance of credit card transactions. It is made up of a percentage of the transaction amount plus a fixed fee. These fees are set by the credit card networks, such as Visa, MasterCard, American Express, etc., and are paid to the customer's bank (issuing bank) by the merchant's bank (acquiring bank).
Interchange fees can differ depending on several factors:
1. Card Type: Whether the card is a credit card, debit card, business card, or a rewards card will affect the fee. For example, premium reward cards may have higher fees due to the rewards they offer to cardholders.
2. Transaction Method: Swiped, inserted, keyed, or online transactions can have different fees. Generally, in-person transactions have lower fees since they are considered less risky compared to online transactions.
3. Merchant Category: Your type of business can influence the fee. Some industries are considered higher risk, which can result in higher fees, while others might enjoy reduced rates.
4. Card Issuing Bank and Network: Different banks and credit card networks (Visa, MasterCard, etc.) might have different fee structures. Agreements between these entities can also influence the fees.
5. Geographical Location: Transactions involving foreign banks or cards can sometimes incur higher fees due to additional processing complexity.
6. Regulatory Environment: Governments and financial authorities may impose regulations that can affect interchange fees, leading to variations between different regions or countries.
These differences are due to the various levels of risk and cost associated with processing the transaction.
The typical interchange rate is 1.7% - 2% for credit cards and 0.5% for debit cards.
Here are the average credit card processing fees for the 4 major credit card networks:
1. Visa: 1.3% - 2.4%
2. Mastercard: 1.4% - 2.5%
3. Discover: 1.45% - 2.4%
4. American Express: 2.1% - 3.5%
If you've been with Volcora for at least 3 months, we offer flexible options like fixed fee and tiered pricing, customized to suit your business needs. These alternatives provide predictable billing and potential cost savings.
Switching to Volcora has never been more enticing! If you are a merchant considering moving from another processor, we provide rate matching to ensure a smooth transition without compromising on cost. Our dedicated account managers are here to discuss your specific needs and tailor the perfect solution for you.
Whether you're a new merchant looking for transparency and competitive pricing or an existing merchant exploring more flexible options, Volcora is here to help.
Speak with an account manager today for details on how we can power your business with our tailored, efficient, and cost-effective payment solutions.