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Member Benefit News

Keep the Change

One of the easiest ways to keep more change in your pocket is by avoiding downgrades.

What is a downgrade? When a transaction does not meet VISA's or MasterCard's qualification requirements, a downgrade is applied. You may be charged higher interchange rates as a result. There are measures of control for merchants looking to keep change rather than spend it on high interchange rates incurred from downgrades:

1. Always swipe credit cards instead of key -- entering the data. If a customer presents a card that will not swipe or a non-embossed card that you cannot imprint, ask for another form of payment.

2. Enter the additional Address Verification information (AVS) when prompted for card-not-present transactions.

3. Settle daily -- within 24 hours of each transaction processed.

This information is brought to you by Elavon. Feel free to call Kimberly Layton with any questions or for more information on the credit card processing program at 1-866-638-8614.

Reprinted from SQE Professional, May 2010