PAYMENT TRENDS AFFECTING INTERCHANGE FEES

Interchange is a factor that makes it possible for businesses of all sorts to function. The fee you pay in order to utilize this process of transferring money every transaction may seem outrageous when you pay it, but when you look at all of the purchases that it completes in a matter of minutes, it makes sense why you pay it. With technology making some serious strides, it goes without saying that there are plenty of trends that could affect the fees for your interchange look, but all for the better. Below is a list of trends that we are currently seeing with interchange fees.

SECURITY

This form of payment requires an increase in security when making payments. Because information of the bank account is transferred in so many different places, it makes sense that increases in security continue to be formed. We are seeing a big trend in the amount of security that is being pushed to various business of all sizes. This particular trend is one that can minimize issues with security down the road and is one that we’re excited to see the effects of throughout the implementation process..

COMPETITION

The ways that payments are processed vary on the method that was made. Impact Pay System finds a process that will benefit you the most, but there are plenty of competitors out there that will offer you a different setup, at a different cost. This competition is becoming a trend with the fees of interchange systems in order to create a more competitive field.

TECHNOLOGY

One of the things that continue to be worked on is the effort to minimize paper in this process. There are trends that are making this contactless, prepaid and micropayment schedules that will increase the chances of going paperless through this whole process. This may be a small step for this end goal, but it is one that is definitely one that is in motion.

PRICING FACTORS

There are plenty of things that will be included in the pricing of your interchange fees in the next couple of years. If you don’t currently have an interchange system and are looking to invest in one, you can count on pricing varying on the size of your establishment and how often you’ll be using on an average account. You will also find these prices fluctuating with compliance and registration requirements over time and as those factors change.

Having an interchange system that you are confident can be difficult to find, but it doesn’t have to be. We know how important this decision is and we can help you manage this system even after it’s been installed for your establishment.

Impact Pay System can provide you with a secure and effective method of payments coming into your establishment. Reach out to us today for more information so that we can help your business get set up on this efficient pay method. We would love to provide you with this credit card processing system!