07/09/2002

Commerical Cards- What you need to know.

Are you paying more for accepting commercial credit cards?

Check your monthly statements. commercial card transactions require more information to be entered at the time of purchase. If you are not currently set up to process commercial card transactions, you could be paying more interchange than necessary.

What are commercial credit cards?

Commercial cards, also known as purchasing cards, business cards or corporate cards, are essentially a form of payment for companies that do business with other companies. Across the country, corporations are looking for ways to eliminate paperwork and lower costs and are finding that this type of card is the answer. Commercial cards look like ordinary Visa or MasterCard credit cards but are governed by a different set of regulations. Depending on the type, commercial cards require additional entries in your terminal or PC at the time of the transaction beyond what is requested for a consumer card purchase. For example, when processing a purchasing card transaction the terminal or PC will prompt for sales tax and customer code. Only when all requirements are met at the time of purchase do you achieve the lowest possible interchange rate.