What are the qualifications for the lowest processing rates from Visa, MC and Discover?

What are the qualifications for the lowest processing rates from Visa, MC and Discover?

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This is a basic criteria that is followed for merchant processing form QuickBooks Merchant Service, Point of Sale Merchant Service, GoPayment, and other processing services offered by Intuit.

Qualified Rate: This rate generally applies to in person transactions when the consumer swipes his credit. It is the lowest of the three types. A merchant who swipes a consumer credit card that is electronically authorized, and “batches out” within 24 hours of processing will generally qualify for this rate. If these circumstances are not met, the transaction may downgrade to a mid-qualified or non-qualified rate. If a merchant processes a business, corporate, foreign, or rewards card, it will typically downgrade to a non-qualified rate.

Mid-Qualified Rate: This rate is higher than the qualified rate. It generally applies to phone, fax, mail order, and Internet transactions that are not swiped or when the card is not present. To qualify for this rate for keyed transactions, the merchant must enter an order number, use Address Verification Service (AVS), and “batch out” within 24 hours of processing. If not, the transaction may downgrade to a non-qualified rate.

Non-Qualified Rate: This is the highest out of the three rates. This rate applies to business, corporate, foreign, rewards card, and transactions that do not meet the Visa/MasterCard/Discover Network requirements for qualified and mid-qualified transactions.