While the U.S. government is still debating its role to intervene and regulate these non-negotiable, industry-controlled business expenses, and organizations in support of an Interchange fee reform are still collecting petition signatures, frustrated merchants are making the effort to manage these costs on their own. According to the Boston Globe, some businesses are beginning to offer their customers discounts for purchases made with cash to deter card usage and offset the high costs of card fees, while others have gone so far as to forfeit their ability to accept credit cards at the risk of losing a sale and/or customer.
With all of this commotion surrounding Interchange fees, it seems paradoxical that Merchant Warehouse’s patent-pending BINsmart™solution is not more widely adopted by retail merchants and point-of-sale vendors. With BINsmart, merchants can accept credit and debit card payments while relying on the customized BIN-recognition with PIN-steering technology to assess each transaction and uncover potential savings on card processing fees. Would you use BINsmart to help your business save on Interchange rates? Let us know by commenting below.