What are Non-Qualified Rates?
Non-qualified rates are the highest fees charged in credit card processing, applied to transactions that do not meet the criteria for qualified or mid-qualified categories. These can include transactions involving corporate credit cards, certain rewards cards, and those processed without full compliance with data entry standards.
What are Factors That Influence Non-Qualified Rates?
Transactions classified as a non-qualified rate include the absence of necessary verification data, such as zip code or security code, and the type of transaction, such as those conducted over the phone or internet versus in-person. Other transactions that can be considered as a non-qualified rate are transactions processed using foreign cards or special business cards
How to Eliminate Non-Qualified Transactions For Your Business:
As a merchant, you can reduce and eliminate non-qualified transactions by ensuring that all transaction data is complete and accurately entered, training staff to handle transactions properly, and upgrading to advanced payment technology that prompts for necessary data and securely processes electronic payments can decrease the likelihood of transactions falling into the non-qualified category.
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