Better Information Retention

 

 Credit Card Processors

Plastic has been a popular form of payment for years now, but the card processor has always been a negative. They charge outrageous fees to businesses and make it difficult for Americans to use their hard-earned money. Using this guide, you will finally understand how these companies function and what you can do to leave them behind forever!

The credit card processor's job is abstract: they take payments from banks and place them on your cards. However, in order to make sure that they are doing their job correctly, they need certain information about you. There are three types of information that the credit card processors need about your account: personal identification number (PIN), primary account number (PAN), and date of birth (DOB).

Keep in mind that the following information is not needed by every credit card company. Some companies only ask for your personal identification number (PIN) and date of birth (DOB). However, even if you do not have these two pieces of information, the credit card processor still knows more about you than most people. Credit card processors often know how much money you make, what kind of a risk you are, how many debts you are in, what your credit rating is like and more.

What's Wrong With Credit Card Processors?

As it turns out, most Americans do not understand the way that traditional credit card processors work. In fact, it is quite the opposite: most Americans think they know the way credit card processors operate, but they are completely wrong. Many Americans are under the impression that credit card processing companies use a triple-tier billing system. Although this is true for some smaller credit card companies, it is not true for all of them.

In reality, most credit card processors use a billing model known as dual-tier billing. This type of billing is done in order to keep costs low and make sure that the company stays above ground. Most credit card processors charge a percentage rate below 2% for each processed transaction. For example, if you process $100 through your processor on a swiped transaction, they will charge you anywhere from $1.50 to $1.80. This is MUCH lower than the triple-tier billing model that many people believe they are using.

Unfortunately, due to the high costs associated with operating a credit card processor, it is difficult for most Americans to understand how it really works. The truth is that credit card processors make money by charging exorbitant fees to businesses and consumers in order to process their transactions. The more they charge you, the bigger the profit margin is for them (and the bigger your fees are).

This begs the question: what are they charging for? In truth, credit card processors are charging you for everything under the sun. They charge you for every transaction, every monthly fee and every product that you use within their system. These fees are disguised so that you do not realize how much money they are making off of you. To make matters worse, most credit card processors do not have a cap on the amount of money they can charge. This means that they can charge you whatever they want.

It is important to realize that credit card processors take advantage of the American system. This is done on purpose in order to make themselves more and more money without really providing a good product or customer service. Most Americans fail to realize this fact, but it is something you need to worry about in order to protect yourself.

The Credit Card Processors' Take

Credit card processors know that they can charge you a lot of money for using their system. This is true because they are able to charge businesses a huge fee when the consumer makes a purchase or uses their credit card. This is why a credit card processor can charge an average of 5% per transaction or more, even if the consumer is using your credit card for nothing. If you make everyday purchases with your credit card, then you should expect to pay at least $5 per month in fees. These fees will add up quickly!

Another way that these companies make money is by charging monthly fees on all of your cards. They use this to get their hands on your money. As you may already know, credit card companies do not make much money off of interest rates. However, they know that many people do not pay their credit card in full every month, and they are able to take the money from the interest rate that you would have made.

Lastly, most credit card processors will charge you fees for using each of your cards. The amount of these fees can vary from week to week depending on the number of cards that you have with them. These fees are usually about $5 or $6 per month, but it really depends on how much you use your cards.

To make matters even worse, most credit card processors will sell your personal identification number (PIN) in order to make a quick profit. This is why you should never use the same PIN for every credit card. The more PIN numbers that are sold to other people, the less secure your information becomes. Considering all of this evidence, it is clear that credit card companies make most of their money by charging ridiculous fees to those within their system. They know that they can charge you these unbelievable amounts because none of us really know any better!

The Solution

The solution to the problem posed by the credit card process companies is simple yet effective: find another way. Fortunately, there is a way to combat the fees that credit card processors charge you. This method involves using a debit card or pre-paid credit card instead of your actual credit card.

The first step in getting started is to find an online credit card processor. There are many of these companies that offer free trials and services that will completely eliminate the hassle of dealing with a traditional credit card processor. Make sure you shop around for the best company! Once you find a great company like this, all you have to do is provide them with your money and they will take care of everything else for you.

This process will ensure that your account information stays private while keeping your costs low and eliminating any ridiculous fees charged by traditional credit card processors. Make sure to fill out a quick and easy application with your new credit card processor so that they can get you setup as soon as possible.

Once you have received your new credit card, be sure to make regular payments to avoid fees from your old credit card processor. Credit card companies know that most Americans are skeptical about the fees that they charge; this is why they are able to charge these ridiculous amounts without getting caught. By getting rid of all cards associated with the traditional credit card system, you will be able to protect yourself from overcharging by the credit card processors.

Conclusion

I hope that this article has helped those interested in learning more about how credit cards operate and how you can take control of the situation. I would like to remind everyone that the only way to truly avoid credit card fees is to stop using credit cards altogether. The best way to do this is to use a pre-paid credit card that you can cancel at any time. There are also debit cards and prepaid credit cards available which will be able to help you with your daily purchases without having a credit card account.

A key component of this process is the removal of all personal identification information from your credit report. Include as many false addresses, phone numbers and names as you feel necessary in order for the accounts not to show up on your report.

Conclusion:

There is no doubt that credit card companies make their money off of the fees they charge, but there's not much you can do about it. The best way to combat these companies is to start using a debit card or pre-paid credit card instead of your actual credit cards. Never share your personal identification information with any online company, especially those associated with a credit card processor! Make sure that you read all terms and agreements before opening an account with any online company.

This article has hopefully helped those who are looking for insight on how pre-paid cards work and how they can be used in your favor.