SolutionsGal
New member
For most restaurants, about 50-60% of your business is going to be paid for by a debit card. The information below is the cost for a standard (non-reward debit card that is swiped, read and signature is obtained). If you are on a 3 or 4 tier pricing plan and you are paying 1.59% for a standard debit transaction, IMO way too much. If you are on a true cost plus pricing plan, you would see the 1.19% figure and the $0.10 as a line item cost, then the amount of profit should be broken out on a separate line.
In a earnings report release yesterday by Mastercard, they reported that overall debit card use is up by about 5% verses credit card use down by about 7%. Consumers are using their debit cards for most transactions.
CPS I Restaurant Debit 1.19% plus $0.10
Consumer Traditional Cards. Card Presentl Magnetic Stripe Read! Signature Obtained!
Consumer Traditional Cards. Same requirements as CPSlRetail. Authorized amount does not have to match transaction amount. Authorization and magnetic stripe required. Eligible merchants: Restaurants (5812) and Fast Food Restaurants (5814). Maximum 2 days to deposit & settle. Purchase date must be within I day of auth date.
In a earnings report release yesterday by Mastercard, they reported that overall debit card use is up by about 5% verses credit card use down by about 7%. Consumers are using their debit cards for most transactions.
CPS I Restaurant Debit 1.19% plus $0.10
Consumer Traditional Cards. Card Presentl Magnetic Stripe Read! Signature Obtained!
Consumer Traditional Cards. Same requirements as CPSlRetail. Authorized amount does not have to match transaction amount. Authorization and magnetic stripe required. Eligible merchants: Restaurants (5812) and Fast Food Restaurants (5814). Maximum 2 days to deposit & settle. Purchase date must be within I day of auth date.
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