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Because these creditcard scanners require additional technology in order to work, they fall under the category of creditcard reader for phone, tablet, and iPad. Additionally, both require a free card reader app in order to be able to fully process creditcardpayments for your business.
In short, surcharging is a way for businesses to recover the costs of accepting creditcardpayments. As electronic payments continue to outpace traditional methods of payment, surcharging is a smart and practical way for businesses to recover the costs associated with accepting creditcardpayments.
Using Lockstep your client can opt-in to pay with a creditcard or by ACH. For creditcardpayments, a modest surcharge covering the cost of the transaction processing fee and Interpayments fees will be added. Lockstep Receivables customers now have access to surcharging.
Let’s explain: Unlike many payment processors, like Square or Stripe, PNC Merchant Services is not a direct processor. This means, although you’re purchasing your services from them, they are not actually the providers of the technology that facilitates the processing of your transactions when they’re made.
Traditional payment methods, like cash or checks, typically dont incur such fees, but when you use an alternative payment method, the merchant often charges a convenience fee to cover the costs of processing the transaction. In such cases, businesses may pass these costs onto consumers in the form of convenience fees.
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