Interchange Plus = Transparent Pricing
There are numerous options in regard to payment processing in the vacation rental and lodging industries for managers to choose from including the Interchange model which Ascent offers.
For those of you needing a refresher - Interchange fees are transaction fees. These fees are what the merchant must pay when whenever a customer uses a credit or debit card to make a purchase from the merchant. The major credit card brands (Visa/Mastercard/Discover/American Express) publish interchange rates on a somewhat regular basis. Interchange updates are usually published in April and October. While other fees are charged to merchants for processing payments (the ‘+’ portion of Interchange+), by far the largest percentage of fees are from the interchange costs.
When setting Interchange Rates, The Card Associations price the same cards differently depending on your business industry. This is because certain business types are at far less risk, and others are at far greater risk of fraud, leading to disputes, chargebacks, and potential litigation. For example, a restaurant will pay a different processing fee than a shoe store for a transaction on the same exact card at the same exact cost.
Interchange also varies based on the type of cards presented (corporate card, debit card, rewards card, international card). If you feel like you are helping your guests pay for their vacation each time you pay your processing fees… that is because you are, if they use a rewards card, for example. The cost for the issuer to provide their cardholder with rewards is passed on to merchants like you in the form of a higher Interchange rates for those card transactions.
The Ascent Interchange+ pricing model is designed to make payment processing fair, and simple, and to protect your bottom line, so you can focus on running your business. Ascent’s pricing is structured to separate the components of processing costs, allowing for transparent reporting, and interchange optimization, leading to overall lower costs when compared with other options.
We pass through the cost of Interchange fees and assessments straight to our clients, plus a small percentage (basis points) and transaction fee to provide your business with reliable service and support every day.
Ascent is the only independently owned, Vacation Rental/Lodging Processor with in-house PCI experts available to guide you through the PCI Compliance certification. As an Ascent client, you have a dedicated team who ensures you are set up properly and monitors your account for downgrades to ensure you continue to receive the best rates possible.
We also provide excellent chargeback support, at no additional cost. In fact, some of our merchants have seen their chargeback wins increase by at least 21% after partnering with us.
With Ascent’s Interchange+ pricing model, we also pass savings along to you when available. After the Dodd Frank Act, Regulated Debit Interchange fees were capped at much lower rates than unregulated debit or credit cards. Ascent passes those savings on to you for all regulated debit cards you process.
Our pricing model also sets merchants up with Net Billing when available so that you receive negative Interchange (MONEY BACK!) on refunds you process.
We have been processing for the Vacation Rentals/Lodging Industry for more than 20 years and we continue to be successful by being honest, transparent, and innovative. We appreciate our partnerships and growing with our clients. Ascent is your destination for payment solutions.
If you have any questions about your pricing program, please contact sales@ascentpaymentsolutions.com.
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