The Number One Question We’re Asked at Swypit

A photo of Kevin Hodes in a blue suit smiling in front of a wall filled with framed document.

A picture of Kevin in a blue suit smiling in front of a microphone.You Ask, We Answer

Without a doubt the question we are asked most frequently at Swypit is, ta-dah! “What’s your rate?”

No surprise there, right? I’d ask that too. But with a credit card processing company the answer is not nearly as neat and simple as the question

Before I could ever answer that question appropriately, you have to understand that there are so many factors that come into play depending on the kind of business you have and/or the industry you are in. I might have to ask you 100 questions before I could even start to tell you what rate you would be paying. For instance, I would ask, “Is your business conducted 100% online where you never even see a card, or do you also have a brick-and-mortar business where you actually are presented a card by a person?”

My answer would also depend on when you asked the question. That’s because rates change every April and October. That’s something I have absolutely no control over. The truth is I have no control over any of the rates, or how they are applied, but I do know how to set you up in order for you to get the best rates for your business. And this is a very important point. If you get set up incorrectly, it could cost you a lot. It could even result in customer’s cards not being able to go through.

Credit Card Processing Rates Depend on The Standard Industrial Classification (SIC) Codes

Every bank that issues credit cards typically issue hundreds of different cards. That’s why there is an SIC code, a four-digit numerical code that categorizes the industries based on their business activities. You can visit our website at and look at all the different rates charged per type of business. The rates also change if the card a customer uses issues points for purchases. Believe me, there are dozens of pages of rates per card. It will make your head spin. They are all on my website for anyone to see. Suffice it to say, I set my customers up according to their specific, appropriate SIC code.

No Matter Your Rates Avoid This Common Mistake Many Businesses Make

Some businesses tell their customers that using a credit or debit card for purchases will raise the price of goods by 2 – 3%. I don’t advise doing this. Instead raise your prices, then tell your customer there’s a 2% discount for paying with a check or cash. Don’t mention an upcharge. It’s bad for business. Focus on the cash discount. If the customer doesn’t want the cash discount, simply take the card, you’ll already have built the 2 or 3% into the cost.

Is The Card Being Used for a Transaction Issued by a Regulated Or Non-Regulated Bank

Not only do rates vary whether someone is using a credit card or debit card. They also vary depending on the bank that issues the card. Regulated or non-regulated. How big or how small. There is no way you can know this, nor is there any way I can give you a simple answer to “What’s your rate?” This much I can tell you: Bundled rates are much higher because they do not take into account whether the card is debit or credit. Every transaction is charged a higher percentage rate which means more money for them, less money for you.

Way Too Many Factors to Give a Definite Answer

As you can see, if you’ve read this far, there is no single answer to the most asked question we get at Swypit. Know this though. I believe that knowledge is power, and I give my customers knowledge they’ve never been given before. The fact is that we charge a miniscule amount to make a profit, but certainly lower than bundled rates and we set you up correctly, so you get charged the least amount on every transaction. Few processing companies will be transparent and show you the various rates based on industry, credit or debit, received in person or online. We teach you how to get the very best qualifying rates no matter where you are in the country.

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