What are Corporate/Commercial Cards?
Commercial Cards are a specific type of credit card or virtual card provided to businesses to make purchases on behalf of the company. These purchases range from Business Supplies to Operation Expenses.
Corporate Cards are a specific type of commercial card that changes the rules and liabilities related to the card and its uses.
Why use Commercial Cards?
Commercial Cards provide a payment method for Business-based expenses that can be directly related to the business. This means these cards can allow an employee of said business to make purchases on behalf of the business and allow these purchases to easily track the expenses that the business needs to take on its regular business.
The card can also qualify the business for specific rates and benefits the issuing bank offers.
How does my Business benefit from Commercial Cards?
Commercial cards benefit the business they are used at and the Business they are for. Commercial cards can qualify for lower interchange rates and fees paid to the issuing bank through the transaction. These rates are determined by the industry under which the card processing business falls. The difference in the interchange rate generally falls around half a percent or so, which, depending on the size of the transaction, can range from a few cents to hundreds of dollars in savings on processing fees.
How do I receive these benefits?
Certain information must be included in these transactions to benefit from these fees. This information ranges from EMV track information to specific information relevant to the card, like AVS or CVV information. Most interfaces will do this automatically. However, others may require it to be enabled; it would be best to consult your Point of Sale provider regarding the configuration if it needs to be enabled.
Do I need to request Shift4 to enable this setting?
Shift4 includes all required fields and settings by default in non-legacy interfaces. To guarantee lower rates, your Shift4 devices or point of sale may request specific information before completing the transaction.
Can I disable the Commercial Card prompts?
Shift4 can disable the commercial card prompts for the PAX devices at a merchant's request. However, this means any commercial cards used on that device will not be eligible for a reduced interchange rate.
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