Traditional Credit Card Processing

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Traditional Credit Cards Processing

Accepting credit cards has become a necessity for businesses today to stay competitive and grow.

Overview

Overview

Accepting credit cards has become a necessity for businesses today to stay competitive and grow.

Credit Card Processing not only is a convenience for your customers, but helps you grow your sales, improve cash flow and generate more revenue.

The key is to make sure you understand what is involved and not get burdened with the hidden credit card processing fees, that are often found in the fine print of a long term contract.

Orumfy in an innovator in the field of credit card processing. We pride ourselves with the transparency with all credit card processing fees (if any) being disclosed upfront.

We offer our clients unparalleled customer service and the lowest credit card processing rates available.

How Does it Work?

How Traditional Credit Card Processing works?

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    A merchant swipes a customer’s credit card through their terminal and enters the sale amount
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    The terminal connects to a “processor” for authorization via a toll free 800 number
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    The processor returns the information onto the bank that issued the credit card. The bank checks to see if the card is valid and if the charge amount is available.
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    The issuing bank sends back an approval code or a decline message to the processor.
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    At the end of each business day the merchant must “batch out” or “settle” their credit card terminal. This will begin the final process for the transactions that occures that day.
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    Once the settlement process is initiated the funds are tranferred from the card issuing bank and electronically deposited into the merchant’s checking acount within 24-48 hours.
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Advantages of traditional credit card processing with Orumfy

  • No Hidden Fees with Orumfy
  • Accept all major cards and get deposits the next business day
  • Orumfy will beat any competitor’s rate (our guarantee)
  • Orumfy is committed to giving you every opportunity to take advantages credit card processing offers.
  • “Transparency” and our “Personal-Touch Approach” is what makes us different.
  • Orumfy is committed to getting our clients the best rates in the market. That’s why we created our “Meet-Or-Beat” guarantee.
What are you waiting for? Switch your credit card processing to Orumfy and start saving today.
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Improve cash flow
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Mobile friendly terminals
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Credit cards encourage impulse buying
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Increase sales
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Customer convenience
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Crucial if you do business online
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Helps level the playing field with your competition
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Generate more customers
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Eliminates the risk of accepting a bad check

Interchange Rate

Interchange Rate

When processing a credit card transaction, a Discount rate is charged. A discount rate is a portion of the transaction that is taken by the credit card processor as their credit card processing fees.

The credit card processing fees are normally upfront and very transparent on your monthly merchant statement.

What may not be so transparent, is that your processor is also being charged a fee by VISA or MasterCard. This fee is called the Interchange rate.

Below are the Interchange Rates and how they vary based on how the transaction happens.

VISA
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1.54%
interchange for a swiped Visa card (point of sale transaction)
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1.65%
interchange for a keyed visa card (the card is not physically present)
MasterCard
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1.59%
interchange for a swiped MasterCard (point of sale transaction)
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1.72%
interchange for a keyed MasterCard (the card is not physically present)
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0.35%
additional cost for corporate cards
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0.20%
additional cost for premium/airmiles/ rewards cards
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When processing a credit card transaction, a Discount rate is charged. A discount rate is a portion of the transaction that is taken by the credit card processor as their credit card processing fees.

The credit card processing fees are normally upfront and very transparent on your monthly merchant statement.

What may not be so transparent, is that your processor is also being charged a fee by VISA or MasterCard. This fee is called the Interchange rate.

Below are the Interchange Rates and how they vary based on how the transaction happens.

There are 4 primary factors that affect you much you will pay to process a credit card with conventional credit card processing

  • The Interchange Rate

    – "Interchange Rate" means the actual cost to your processing company from VISA & MasterCard.

  • The Processor's Fee

    – in order to be able to accept credit cards you need to open a merchant processing account with a credit card processing company. Processors add an additional fee to the already assessed "Interchange Rate"

  • How the card is processed

    – Depending on how the card is processed determines the cost. For example, a Rewards Credit Card has a higher cost compared to a No Frills Credit Card. Another factor is how the transaction takes place. Transactions where the card is present and swiped cost less, due to the lower risk of fraud, than an order that is taken over the phone or online.

  • Additional Monthly fees

    – Some processors may charge a setup fee, and/or a monthly service charge.

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