Expectation #1

Full disclosure of all fees associated with your payroll processing.

Just like employees’ salaries add up to a large expense, so do the fees associated with processing them. Some processors impose surcharge after surcharge, annual or semi-annual rate increases, or charge minimums per month — or pay period — based on the number of employees. When you understand what you’re paying — and why — you can accurately examine and manage your payroll-related expenses.

Expectation #2

Delivery of accurate, timely paychecks for all employees.

Whether you have two employees or two thousand, paying your employees correctly and on time is critical. Some providers have inconsistent processing schedules which can lead to problems with check distribution and accuracy. By knowing your employees’ checks are dependably processed, delivered accurately and on schedule, you can focus on other aspects of your business.

Expectation #3

Access to your payroll anytime via secure internet technology.

Whether you are at home, at work or in a hotel on the other side of the world, you should be able to access your business’ payroll data securely anytime — at no additional cost.

Expectation #4

Compliance with 100% of federal, state and local payroll legislation.

Many processors will inform you if you have a tax notice/penalty, and then you are responsible for any late fees and penalties incurred. Others will make the needed changes, but charge you a fee for a tax service program. As a business owner, you should be confident your payroll processor will take responsibility and assume liability for the timeliness and accuracy of your payroll tax processing — without charging you extra to do it.

Expectation #5

Knowledgeable service support — available when you need it.

You probably don’t work just nine to five, and the processor handling your payroll shouldn’t either. If an issue arises with your payroll, you should expect assistance from a knowledgeable payroll professional beyond the traditional eight-hour work day.

Expectation #6

Detailed, accurate reporting.

Your business is unique, and so is the data reporting you need. When you have easy-to-access, detailed reporting that is 100% accurate, you can keep track of labor costs — and make well-informed business decisions.

Visa & MasterCard Interchange Rate Resources

Visa/MasterCard Interchange rates are set fees that are charged for every transaction. The same rate is charged regardless of the size of the merchant. However, many small and mid-sized merchants may be paying significantly more than just the Interchange rate on each transaction.

That's because many merchant acquirers - contracted by the merchant to handle its card transactions - significantly mark up Interchange rates to generate extra revenue. With automatic debits from their bank accounts, small and mid-sized merchants are often not aware of how high these markups can actually be.

And, often, what initially looks like a "good deal" is not what it appears to be. A merchant acquirer may quote a low rate for a specific type of card transaction to "make the sale" - but deliberately neglect to point out that only a small percentage of transactions qualify for that low rate... and the remainder are charged at a fee that could be as much as double or triple the low rate.

Be sure to identify all of the costs you are paying so you know the total cost of processing. Once you know what goes to the card issuing bank and Visa/MasterCard versus the merchant acquirer, you can begin reducing costs that are unnecessarily being paid.

Interchange Rates & Resources