MasterCard Commercial Payments Account:
April 11, 2014, MasterCard launched a new virtual card product.
MasterCard Commercial Payments Account, is as an alternative payment solution to checks for business-to-business payments. Since the account number is associated with a virtual card product, all transactions will be card-not-present. There will be no physical plastic card and cardholders will not have PIN capabilities. MasterCard will also introduce a new MasterCard Commercial Payments Account interchange program that will have six tiers as depicted in the table below to support interchange based on different transaction amounts. Merchants will experience a shift in interchange as a result of this new virtual card product.
|1||Less than $7,255.00||Large Market Applies|
|2||USD $7,255.00 – $25,000.00||1.20%|
|3||USD $25,000.01 – $100,000.00||1.00%|
|4||USD $100,000.01 – $500,000.00||0.90%|
|5||USD $500,000.01 – $1,000,000.00||0.80%|
|6||USD $1,000,000.01 and greater||0.70%|
If your company is selling to other businesses or the government you require something different than a standard merchant account. Consulting with a B2B and Level-3 payment consultant can significantly impact your bottom line, not only with reduced expenses but value enhancing technology most businesses never take advantage of because their merchant service provide never took the time to explain and most likely did not understand himself.