Understanding the discount rate associated with virtual merchant accounts can be tricky and confusing, especially if you work with an unethical company. Essentially, the discount rate is the rate associated with the cost for processing a certain type of credit or debit card. It depends on the type of card as well as how it is processed. Banks define over 100 types of cards which means there can be over 100 types of discount rates depending on the card the customer uses and how it is processed.
Many merchant account companies unethically only disclose or promote their lowest rate – meaning the rate a merchant would get for swiping a specific card a specific way. Usually this discount rate is for a card that isn’t used by consumer often. This “trick” makes you believe you are getting a very low rate when actually you will be charged much more for typical transactions. On top of that, many merchant account companies require low contract with high penalty fees for leaving.
At Virtual Merchant Pro, we provide the lowest guaranteed rates across all different types of transactions and take out all of the confusing language. We also do not require a contract so you can leave at any time. If you already have a merchant account or virtual merchant account, we can almost always beat your rates. Call now to find out more about our up front pricing and low price guarantee –