HFIA Offers Lower Processing Rates For Check Cards

Furniture World Magazine

Home Furnishings International Association (HFIA) is offering its members an added benefit: a new, lower processing rate for Visa and MasterCard signature debit cards (also known as check cards), a benefit that can help members achieve substantial savings on their processing fees. With the April 1 changes in Visa and MasterCard processing rates, many businesses are re-examining their processing costs, and looking for ways to save. Taking advantage of a special rate for signature debit cards is one way to achieve that goal. And no additional equipment or software is necessary. “Accepting bankcards is a necessity of doing business – and the costs can add up. This helps make sure that our members get the best rate possible,” said Mary Frye, President of HFIA. Consumers are increasingly turning to debit to pay for their purchases. Americans spent $576.4 billion on Visa and MasterCard signature debit cards in 2003, a 16% increase from 2002. A recent study for MasterCard revealed that 90% of consumers would take their business elsewhere if a merchant refused to accept their Visa or MasterCard debit card. And 88% said they would switch to a merchant that did accept debit cards. HFIA’s preferred payment processor is Paymentech. Members who process through Paymentech enjoy numerous benefits, including: ß No application fee, setup fee or other monthly charges ß 48-hour deposit of gross sales ß Discount rate deducted monthly from net sales ß No transaction fee ß Mobile options available ß Free online access to your merchant account ß PIN based debit and Internet processing also available HFIA offers bankcard programs for both retailers and wholesalers. Visit with HFIA representatives at High Point market April 22-25, Thursday through Sunday, in the Furniture Plaza atrium, across from La-Z-Boy. For more information after the show, call HFIA at 800-942-4663, or Paymentech at 800-824-4313.