No business today can afford not to accept credit cards as a payment mode. To do so would be to turn away a large base of customers – however, it is important to understand that with every credit card transaction, you are paying additional fees for merchant services. Although these fees come as part of the package, Millennium Payment Systems can keep our rates competitive and transparent in aiding our clients to make the most well-informed decision for their needs.
Card issuers are banks where customers get their credit cards from. This includes the Bank of America, Citibank, & any other bank. For each transaction made, a commission goes to the card issuer for their part in accepting the card.
Card networks partner with card issuers to ensure that transactions can be made securely and successfully. Some of the biggest card networks include Visa, Master and AmEx.
Payment processors such as Millennium Payment Systems are financial institutions that work with card issuers to ensure that each transaction can be completed securely. They also charge a commission for each transaction.
Keep in mind that every card issuer, card network and payment processor will charge different fees.
This is typically a percentage of each transaction plus a fixed fee. It is important to ensure that any institution you work with are upfront and transparent about the fees they charge to avoid any hidden surprises later on.
Millennium Payment Systems Provides
Competitive and Transparent Rates
Are you on the search for a reliable and affordable payment processing system for your business? If so, Millennium Payment Systems can offer you competitive and transparent rates for your needs. You never need to worry about any hidden fees when you engage our services, and our professional team is available round the clock to provide you with the solutions you need. To get started, please call us at 1-800-844-6009 today.