We are excited to announce that we have been able to negotiate even lower rates for credit card processing.
As low as 2.6% for all credit card types, including American Express. There is also no PCI Compliance fee.
You also get next day funding and end month billing.
Over the next few weeks we will be transitioning to the new provider. If you currently process with Hi Tech and Authorize.net, you should receive an email from us with more details and a pre-filled application to sign.
Unless you indicate otherwise, we will set you up with the free Sequel Pay Gateway option which will give you the greatest savings (see comparison below). If you want Authorize.net for any reason, please let us know and we'll set up your new processing account with the Authorize.net Gateway.
The transition will be seamless. You will not lose any cardholder information during this process. Nothing will need to be re-entered.
There is no downside at all for the new account. It only gets you better rates.
Please see rate details and comparison below for your options.
| |
Old Fees* |
Hi Tech /
Sequel Pay Gateway |
Hi Tech /
Authorize.net Gateway |
| Rate |
3.00% |
2.60% |
2.85% |
| Transaction |
0.25 |
0.18 |
0.18 |
| Dues and Assessments |
0.13% |
0 |
0 |
| Monthly |
$10.00 |
$10.00 |
$10.00 |
| PCI Compliance (monthly) |
$6.50 |
$0.00 |
$0.00 |
| Authorize.net Monthly |
$6.00 |
$0.00 |
$6.00 |
| Authorize.net Transaction |
$0.05 |
$0.00 |
$0.05 |
| |
|
|
|
| Total Monthly Savings |
|
|
|
| Monthly Volume: 10000 |
$313.00 |
$260.00 |
$285.00 |
| Number of Transactions: 200 |
$60.00 |
$36.00 |
$46.00 |
| Monthly Fees |
$22.50 |
$10.00 |
$16.00 |
| Totals |
$395.50 |
$306.00 |
$347.00 |
Old rates of 3% is an average rate based on 2.29% Qualified and 3.29% Non Qualified, and assumes that around 25% of your cards qualify for the lower rate. Your average may be higher or lower depending on your processing patterns.
American Express Surcharge of .90% applies to transactions $3,000 and up.
Foreign Transaction Surcharge: 1.50%.
As chart above demonstrates, 2.6% rate is when using the SequelPay gateway. If you use the Authorize.net gateway, the base rate is 2.85%. You might need the Authorize.net gateway if you intend to process outside of CMS and CMS Forms. CMS Cloud as well presently requires Authorize.net.