At ignite Payments we are always working to bring you the broadest and most innovative range of payment options to grow your business and maximize your revenue.
We are please to introduce the Commercial Card Interchange Service, designed to save you money by reducing the interchange fees you pay on select Commercial Card Transactions.
To meet Card network requirements for this interchange savings, the service computes and provides sales tax information to the networks on your behalf. You will receive 50% of this savings with the balance retained for performing this service, noted as “Commercial Card IC Savings Adjustments” on your monthly statement. You will only see this adjustment when interchange savings is achieved, which will always result in a net benefit to you.
This service will begin automatically on May 1, 2017. You may see savings beginning with your May statements. More detail about this new benefit can be found on the last page of this statement. If you prefer to opt out of this savings opportunity, please contact customer at the number on your statement.
Frequently Asked Questions
Why am I eligible for a lower interchange on some Commercial Card Transactions? Some card networks require additional information beyond the total sales amount to qualify the Commercial Card transaction for a lower interchange rate.
This information includes sales tax amount, which if provided reduces your interchange cost.
How does the service work? Ignite payments will compute and submit the required sales tax to the Card networks on your behalf for applicable Commercial Card Transactions when not supplied in your submission. This additional data allows these transactions to qualify for a lower interchange rate that reduces your interchange cost.
Why is Ignite Payments offering this service? At Ignite Payments we are always working to bring you the broadest and most innovative range of payment options to grow your business and maximize your revenue. This is a new service that was developed to help merchant minimize interchange costs.
What is the cost of this service? There is no incremental cost for this service. Ignite payments shares in the savings it helps your company to achieve on qualifying transactions.
How can I see how much I have saved? The savings will be shown on each month’s statement. The adjustment to your account for this service wills appear in the Service Charge section of your processing statement. It will appear as “MC COMMERCIAL CARD IC SAVINGS ADJ” for applicable MasterCard Transactions and “VISA COMMERCIAL CRD IC SAVINGS ADJ” for applicable Visa transactions. The detail as in the example shown below will include: the total interchange savings; the portion of the interchange savings that will be retained by you; and the portion that we will retain.
|05/01/2017||SC||MC COMMERCIAL CARD IC SAVINGS ADJ .50 DISC RATE TIMES $140.93||-70.47|
|05/01/2017||SC||VISA COMMERCIAL CARD IC SAVINGS ADJ .50 DISC RATE TIMES $359.76||-179.88|
In the example above:
- Total savings of $140.93 was achieved on the eligible MasterCard Commercial Card transactions.
- You will recieve 50% of this savings, which is $70.47 and we will retain 50% (noted as the .50 DISC RATE).
- Shown as -$70.47
Are there any setup fees that will be billed to my account to activate this service? No setup fees will be billed to your account upon activation of this service.
Will my business need to make any changes to utilize this service? No, Ignite Payments will perform this service completely during the interchange qualification and submission process to the card networks.
Will this service be performed on all Commercial Card transactions? This service will only be performed when a lower cost interchange qualification can be achieved on applicable Commercial Card transaction for which your business did not submit the required sales tax amount and did not identify as tax exempt.
Can my business request this interchange savings service be cancelled? Yes. This service can be cancelled upon request by the individual within your organization authorized to make accounts changes. If you prefer to opt out of this savings opportunity, please contact customer service at the number on your statement.
Who can I contact with additional questions? Please contact customer service at the number on your statements.