What is Visa FANF?

What is Visa FANF?

Visa Fixed Acquirer Network Fee (FANF) is a fee that is assessed to a merchant if they accept Visa in a month. This fee is unique because it is calculated very differently from many of the fees Visa and MasterCard have imposed over the years.  Until now all fees from Visa have been based off the transactions or volume a business processes.  This fee is charged if you accept Visa.  The size of the fee will vary depending on how you accept Visa and your type of business. If your business processes all card present transactions (swipe or...

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What is a PCI Non-Compliance fee?

What is a PCI Non-Compliance fee?

A fee you should never get charged. The PCI Non-Compliance fee was created by the industry as a way to encourage merchants to complete their PCI Compliance. There is no corresponding Visa, MasterCard, or Discover charge that created it. It is pure profit for your processer when you pay it. Rhombus never charges a PCI Non-Compliance fee. It’s simple, we don’t believe in charging imaginary, made up fees to line our pockets with your money. Our PCI Program is simple.  Once you are signed up we will give you a call to start the PCI...

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Rhombus’ Independent Audit

Rhombus’ Independent Audit

If you choose to process through one of Rhombus’ recommended processing partners you get something no other processor offers; an independent audit. Every month we recalculate every transaction you processed and ensure that all fees were correctly charged.  We don’t allow the processor to ever round up or bundle transactions to create more profit for themselves.  Our audit also recalculates every network fee you are charged by MasterCard, Visa, Discover, and American Express and ensures that you were charged the correct amount. Most times...

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Is Square a good decision for my business?

Is Square a good decision for my business?

Square is a hot company in the world of payment processing.  They offer a simple start-up with a free swiper.  All you need is a smart phone or tablet.  For many businesses that are starting this sounds great.  No monthly fee and you know the processing rate.  No fuss right? As many businesses have found out though, Square isn’t the best decision. Square offers 2.75% of volume for all swiped transactions.  Our qualified processing rates can cost as low as 1.25%, but our effective average rate is 1.95%.1 Let’s looks at some...

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