In 2020, if you own a business that sells directly to consumers (as well as business to business in many cases) you must accept credit cards to remain competitive.
Many times, business owners accept the costs and fees associated with processing cards as a cost of doing business, and whilst there may be marginal savings associated with changing processors, the savings aren't usually worth the change. As it happens, there are a few different ways to pay the necessary fees to accept credit cards.
Interchange Plus is how Unviersal Payments contracts for merchant services. Interchange rates are what Visa, Mastercard, Discover, and American Express charges to process the customers cards. The interchange rates vary by whose logo is on the bottom of the card. American Express (AMEX) and Discover are generally the highest interchange costs at close to or equal to 4% of the amount processed. Visa and Mastercard are also "generally" lower, with an industry minimum of around 1.65% going up to also around 4%. Visa on its own has hundreds of different rates based on the acquiring bank (the bank with its name on the card; Capital One, Chase, etc.) and whether the card being used is a rewards card. Rewards cards are obviously more expensive because the rewards, miles, freebies etc. have to be paid by someone, and in the case of Interchange plus, its the merchant paying the fees.
Universal Payments charges the interchange rate for each card that is swiped +20 basis points, with a "No Creep Guarantee." Creep is what is known in the industry when your processor quotes you an interchange rate which saves you money, then after a few months, silently increases their rates.
Whilst Universal Payments almost exclusively recommends our Cash Discount Program, some merchants, particularly those who accept cards from government agencies, or merchants who just aren't ready to make the plunge into true Zero Fee Credit Card Processing, we are still able to save you money on credit card processing.