Become a fan of Parallel Solutions on Facebook!

Parallel Solutions

Promote Your Page Too

Processing Solutions For Hard To Place Merchants

The Parallel Solution is a combination of many years of experience in the payment processing industry, relationships with the right bank partners, and a revolutionary technology that makes it a reality.

Ok, that all sounds great but what is the Parallel Solution. The technical answer is that it utilizes a patent pending technology that allows us the ability to tie together the benefits of merchant processing, both onshore and offshore, which will allow a merchant the ability to manage volume, chargebacks, and overall customer experience all through a single interface. This way, you, our customer, can finally take back control of your payment processing and your business. You now have the power to decide when to send a transaction to one bank vs. another, either because of chargeback issues, processing caps, or for any reason you decide.

Watch our new web commercial!

Merchant Account 101: non-qualified rate

The non-qualified rate is usually the highest percentage rate a merchant will be charged whenever they accept a credit card. In most cases all transactions that are not qualified or mid-qualified will fall to this rate. This may happen for several reasons such as:

• A consumer credit card is keyed into a credit card terminal instead of being swiped and address verification is not performed
• A special kind of credit card is used like a business card and all required fields are not entered
• A merchant does not settle their daily batch within the allotted time frame, usually past 48 hours from time of authorization.

A non-qualified rate can be significantly higher than a qualified rate and can cost the provider much more in interchange costs, so the merchant account providers do make a markup on these rates.

Merchant Account 101: Mid Qualified Rates

Mid-qualified rate

Also known as a partially qualified rate, the mid-qualified rate is the percentage rate a merchant will be charged whenever they accept a credit card that does not qualify for the lowest rate (the qualified rate). This may happen for several reasons such as:

• A consumer credit card is keyed into a credit card terminal instead of being swiped
• A special kind of credit card is used like a rewards card or business card

A mid-qualified rate is higher than a qualified rate. Some of the transactions that are usually grouped into the Mid-Qualified Tier can cost the provider more in interchange costs, so the merchant account providers do make a markup on these rates.

The use of “rewards cards” can be as high as 40% of transactions. So it is important that the financial impact of this fee be understood.

Merchant Account 101: Qualified Rates

Qualified rate

A qualified rate is the percentage rate a merchant will be charged whenever they accept a regular consumer credit card and process it in a manner defined as “standard” by their merchant account provider using an approved credit card processing solution. This is usually the lowest rate a merchant will incur when accepting a credit card. The qualified rate is also the rate commonly quoted to a merchant when they inquire about pricing. The qualified rate is created based on the way a merchant will be accepting a majority of their credit cards. For example, for an internet merchant, the internet interchange categories will be defined as Qualified, while for a physical retailer only transactions swiped through or read by their terminal in an ordinary manner will be defined as Qualified.

Contact Parallel Solutions today to find out more about our rates and fees for high risk merchant accounts and more!

High Risk Merchant Account Rates and Fees

A High Risk Merchant Account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by the merchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa and Mastercard. Interchange fees vary depending on card type and the circumstances of the transaction. For example, if a transaction is made by swiping a card through a credit card terminal it will be in a different category than if it were keyed in manually. Contact Us today to find out about our rates and fees for high risk merchant accounts!