Mid-Qualified Rate Explained:
What is a Mid-Qualified Rate? The Mid-Qualified rate is most often found in three-tier merchant account pricing schemes, with the other two tiers referred to as “Qualified” and “Non-Qualified.” This fee is often referred to in the credit card processing industry as a “Mid-Qualified Transaction Fee” or “Mid-Qualified Downgrade Fee,” or just as “Mid-Qual.” This fee is actually a surcharge that is added on top of the base tier (Qualified Rate) for certain card types.
Generally, the Mid-Qualified surcharge costs merchants an additional 1% and is applied because of cards that have a rewards program such as miles or points. However, merchant account providers can define the fee tiers however they choose because there are no industry standards dictating how fees must be defined. One provider may define Mid-Qualified transactions very differently than another, which makes comparing provider costs nearly impossible.
Learn how everything thing you need to know about rates and how to get the lowest fees from any provider in “Fee Sweep: How to Get the Merchant Services You Need Without Getting Scammed.”
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About Phillip Parker
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Why I'm Qualified to Write About Credit Card Processing
I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.
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