Many small business owners only notice the qualified rate or transaction fees on their statement. Unfortunately, the large percentage of fees on your statement are for mid-qualified or non-qualified transactions. So, it is important to notice these fees and understand them. Today, I will quickly cover what you should be paying for non-qualified transactions.
The non-qualified rate (or “non-qual”) is going to be about 1.5% higher than your qualified fees. If your qualified rate on the statement is 1.5%, you should expect your non-qualified rate to be 3%.
On your statement you will probably see qualified, mid-qualified, and non- qualified fees. However, be aware that some credit card processors may list these charges differently. For instance, some may list all transactions as qualified then add 1.5% as a surcharge.
If you need some questions answered, go to http://go.transactionexpert.com/analysis. Send a photo of your statement to us, and next day we’ll email back a free Excel spreadsheet with your complete cost analysis. Also, we will get you in touch with a local transaction expert to better explain and answer any other questions you may have.