Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

Is there discount merchant on the credit card interchange…

Customer Question
Is there discount for a...
Is there discount for a merchant on the credit card interchange rate for being able to accept chip cards versus swipe cards? How much?
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 52 minutes by:
3/8/2016
Financial Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 2 years ago
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 179
Experience: Principal at Jason M. Tyra, CPA, PLLC
Verified

Hi there:

The terms of your merchant services agreement would determine whether you receive a discount for this and how much. In general, less risky transactions (card present vs. online sales, for example) enjoy lower fees. Chip and pin would likely be considered less risky by most merchant services providers, but you will need to check with yours to confirm.

Ask Your Own Finance Question
Customer reply replied 2 years ago
I agree that because a chip transaction "would likely" be considered less risky and less risky transactions "enjoy lower fees" so it follows that chip transactions SHOULD receive lower fees. However, I asked about actual practices. That is, are merchants getting a lower rate the way they did with "card present" transactions? If you don't know, please research it or just tell me you don't know.
Financial Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 2 years ago

I am going to opt out here to give someone else a chance to help you. Perhaps another expert is also a seller of merchant services and can tell you about specific terms available to you.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 179
179 Satisfied Customers
Experience: Principal at Jason M. Tyra, CPA, PLLC

Jason M. Tyra, CPA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have a question regarding merchant fees that I charge to
I have a question regarding merchant fees that I charge to clients. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
How do i set up a merchant account. I need it to be a mobil
How do i set up a merchant account. I need it to be a mobil account attached to my android. … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
588 satisfied customers
Not duplicate -- I need to book the following scenario in
Not duplicate -- Hello, I need to book the following scenario in Quickbooks: Customer Invoiced for $1,000. They paid us $1,000 using pay pal but we only received $970.70 after fees. How do I apply thi… read more
Marcia Mitrano
Marcia Mitrano
MBA
62 satisfied customers
My business credit card merchant called to let me know I am
My business credit card merchant called to let me know I am eligible for a loan against my merchant receipts if I wanted to apply for one. I could use one, especially since I would pay it back automat… read more
Emilee Weaver
Emilee Weaver
Controller
Masters of Professional Accounting
90 satisfied customers
Do I need to report a foreign merchant account on the FBAR
Do I need to report a foreign merchant account on the FBAR form? Merchant account is a relationship with credit card system (such as Visa and Mastercard) allowing business to accept credit cards.… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I am a small business owner and I use PayPal to except
Hello, I am a small business owner and I use PayPal to except credit card payments. A few times this year I ran my own card through my credit card system so that I could get some cash in my account wi… read more
abci168
abci168
Principal
27 satisfied customers
Time value analysis involves either discounting or
Time value analysis involves either discounting or compounding cash flows.Many healthcare financial management decisions such as bond refunding and capital investment and lease versus buy involve disc… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
Hello I have a Credit Card question. I live half of the year
Hello I have a Credit Card question. I live half of the year overseas and most places in Europe do not take my Credit Cards because they do not have the little EMV metal chip in the card. In Europe th… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
I am confused as to how to enter credit card sales given that
I am confused as to how to enter credit card sales given that I have multiple sales accounts, but I only know my total cash and total credit sales for the day. I do not have detailed information as to… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
I could go with one that has an $10/monthly fee with a typed
This is for my business. I want to accept credit cards on my website and locally but one of the processors offer low rates with a monthly fee and one offers no monthly fees with slightly higher rates.… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
On the web, I looked at a company called Swipe Auctions. They
On the web, I looked at a company called Swipe Auctions. They represent that they auction off all types of merchandise, at very low prices. I tried to find out how to enter an auction.To obtain anyu i… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
I have had several phone calls recently offering a business
I have had several phone calls recently offering a business at home. Most of these have involved having a web site that allows businesses to seek credit card processing services. If that business leas… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
My friend owns a restaurant. He is participating on a Discount
My friend owns a restaurant. He is participating on a 'Discount card' for a local school. This card has discounts from local merchants and restaurants. He offered 10% off the check when a holder of th… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
I am uk based business and we want to host our own merchant
I am uk based business and we want to host our own merchant account that we will offer to our customers, somehting to similar to paypal or alertpay. Basically an online way for our customers/clients t… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
My husband and I want to buy a home but our credit scores are
My husband and I want to buy a home but our credit scores are very low due to issues we had 5-6 years ago. We now rent, have no credit card debit. Our only debt right now is 2 car payments. We avg app… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Can credit cards be used in Ghana -- e.g. can a U.S. citizen
Can credit cards be used in Ghana -- e.g. can a U.S. citizen use his or her credit card there?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
how does one check a credit card numberto see if account has
how does one check a credit card numberto see if account has money with out having a merchant accountvia phone or internet… read more
Dennis M. Smith
Dennis M. Smith
Retired
Bachelor Degree
1,293 satisfied customers
If I spend $1500 on a credit card with an interest ...
If I pay, for tuition, $1500 on a credit card with an interest rate of 8.9% (or higher), every 3 months - 6 times, and pay $150 on it each month, how much will I pay in total interest, and how long wi… read more
Dennis M. Smith
Dennis M. Smith
Retired
Bachelor Degree
1,293 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x