Blindbid

Tag : Merchant services

Three simple tricks to lower your credit card processing rates

This is Dana Barrett with Blindbid.com, where we help small merchants get a better deal.  As part of our small business prosperity series, I’m going to discuss 3 tricks to lower your credit card processing rates.

The first trick is to change your pricing plan to interchange plus or pass thru pricing.  Interchange plus is the most transparent and lowest cost plan available.  All the Fortune 500 companies are on interchange plus. 

However, most processors resist putting small business merchants on interchange plus pricing because the profit margins are so slim.   If your processor refuses, switch to one ...


How Does the Durbin Amendment Affect my Small Business? Part 2

Part 2

In the initial part, I discussed what the Durbin Amendment is and how it affects your organization. In this segment, I will go over why merchants aren’t saving beneath Durbin and what action it is possible to take to ensure your small business realizes the Durbin savings.

Why aren’t merchants receiving the Durbin Amendment savings? The very simple answer is the fact that it is truly up to your processor to pass along those savings. If they have not passed those saving along to you, then they've kept them for themselves. That is what we ...

How Does the Durbin Amendment Affect my Small Business?

Part One

What exactly is the Durbin Amendment? Senator Richard Durbin from Illinois introduced the amendment in to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by Congress in 2010. The amendment gave the federal government the power to set interchange rates for debit card transactions. The amendment went into effect in October of 2011 and considerably lowered the debit interchange rates by almost 95%. 
You could possibly be thinking, my organization does not take debit cards. I do not have a pin pad or give cash back. The truth is that more than 50% of ...

Credit Card Processing Checklist

Follow these steps for smooth set up and processing of your account.

Set Up Checklist:

1. Do shop around and get multiple bids.  www.blindbid.com offers bid from the top processors. 

2. Do get completely setup at least two weeks before you need to process your first card.

3. Do get new processing equipment that fits your business needs and is PCI compliant. 

4. Do Accept American Express One Rate plan – this gives you the lowest American Express rate and consolidates your billing.

5. Do opt out of paper statements to save on your monthly statement fee. Use the ...


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