Credit Card Processing

Understand Credit Card Processing

QFloors | Heartland Payment Systems

Credit Card Processing can be very complex thing to understand. We have gathered some information that will help you understand the process. This information can be accessed by clicking on this link: Credit Card Processing 101.

QFloors has secured a relationship with Heartland Payment Systems. Heartland is a company that meets all of the criteria described in the Credit Card Processing 101 document. They use Interchange Plus pricing with simple easy to read detailed statements. They are a “Direct” Processor with no middle men or ISO's. You can get your funds next day on payments batched before 5:00pm EST or in 2 days if batched before 12:00am EST. They are rated very high on customer service. QFloors software is now directly connected to Hartland. So when you run a credit card from QFloors it will automatically be posted inside of QFloors. No other software is required. Best part is if there is a problem you are dealing with QFloors support and not another third party company.

Heartland Pricing for QFloors Customers – We have already negotiated extremely competitive Interchange Plus rates for our customers. These rates are based upon the total volume of Visa/MC/Discover transactions for a single year. The rates are guaranteed to not increase as long as you keep your volume within the appropriate range. The following basis point table includes 2 basis points that cover a Heartland settlement fee but does not include the Interchange rate (see Credit Card Processing 101).

Visa/MC/Discover volume Basis Points Cost per $10,000 of processing
Below $500,000 .52 basis points $10,000 x ..0052 = $52
Between $500,000 and $1,000,000 .37 basis points $10,000 x .0037 = $37
Between $1,000,000 and $2,000,000 .27 basis points $10,000 x .0027 = $27
Between $2,000,000 and $3,500,000 .23 basis points $10,000 x .0023 = $23
Over $3,500,000 .19 basis points $10,000 x .0019 = $19

If over a one year period of time your volume falls into a better bracket then you will automatically get the better rate. If over a 2 year period of time you fall below the required volume your basis points will increase according to the displayed chart.

Two other fees to be aware of:

  • $25 a month service fee.
  • $0.09 per transaction

That is it! You can calculate exactly how much it will cost to process your credit cards. No setup fees but there is a fee for early cancellation:

  • Within year 1 - $300
  • Within year 2 - $200
  • Within year 3 - $100
  • After year 3 no charge

For more information on how to connect your QFloors software to Heartland payment systems contact one of these Heartland Payment System employees :

Steve Ericson

Greg Childs