Small Business Trends Radio

10 Things Your Credit Card Processor Doesn’t Want You To Know

Kevin Riser on 10 Things Your Credit Card Processor Doesn't Want You To Know Small businesses are learning that accepting credit and debit cards as forms of payment is no longer an option – it’s fast becoming a necessity. But how do you choose which one to use? And what about risk and contracts? Why am I charged more for some card types than others?

Our featured guest in this Episode of The Small Business Trends Radio is Kevin Scott Rizer, Founder of Trade Days Processing, a company that specializes in electronic payment processing services for mobile businesses and companies in the health care field.

JumpUpTopics include:

  • How many are there and how do you choose? — Over 3,000 credit card processing companies exist. Look for a company that has the time and patience to explain their services in detail and educate you in the process.
  • What does all this terminology mean? — Qualified, mid-qualified and non-qualified are terms you will hear. Qualified means a swiped transaction in a physical location, which is usually the lowest rate. Mid-qualified means a reward or mileage card that earns perks and non-qualified is usually a telephone transaction where the card is not present.
  • What don’t they want you to know? — You may be surprised to hear the number of things that may not be expressed. Kevin explains each of them in detail in the full interview and you have to hear this.

Kevin demystifies the terminology and the industry in a way that’s easy to understand for the average business owner. He covers topics such as rates, fees, equipment leasing and some very important questions that you should be prepared to ask the processor.

Are you ready to learn more and remove some of the mystery regarding credit card processing and services? Click the red and yellow player below to hear all of the information that Kevin has for you during the full interview.

5 Responses to “10 Things Your Credit Card Processor Doesn’t Want You To Know”

  1. Martin Lindeskog Says:

    When do you think micro payments will be implemented in greater scale? We don’t have a credit card option at our place yet. It cost a bit to buy / rent the credit card gadget (“swiping” the cards) and then it is a percentage or fee on every transaction depending on if it is a debit or credit card.

    SMS payments by mobile phones are pretty popular here in Sweden. For example, you want to read an article in a tech magazine and you send a SMS to a number and your mobile account get charged.

  2. Amanda Says:

    Lots of good information about rates and contracts. This interview gives a lot to think about when considering accepting credit cards. There is a lot of benefits to accepting credit cards but it can be frustrating to deal with processors. Thank you Kevin for the great advice.

  3. Chris Says:

    This was a very “user friendly” explanatory interview. I truly appreciated that. And the discussion was a very frank one, and I also appreciate that kinda straight talk.

    Martin, after listening to the information contained within this interview, I’d have to say that purchasing the equipment is clearly wiser than leasing it and paying loads more than it’s value over the length of time. So keep that in mind when the time comes for you and your business to consider this.

    And it doesn’t really surprise me to hear of the deception by omission that takes place either. You really do have to rely upon yourself these days, to educate yourself and to make yourself aware, before getting involved in anything nowadays. Sad but true.

  4. EJMalyn Says:

    Working with a large restaurant chain, I can certainly vertify what Kevin has shared, but must admit that alot shared I was not aware of. The chain I work for gives no options of credit or debit—just credit. My question to Kevin is why no options are given as far as credit or debit? The majority of restaurant chains tend to go just credit. Thanks for the share Kevin.

  5. Martin Lindeskog Says:


    Thanks for your comment. I agree with your assessment. As a general rule, it is better to own the equipment, but sometimes it could be practical to pay over longer time, with service included. Some kind of equipment gets out dated quicker than other things and then it could be safer to rent it and upgrade to a newer model later on.

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