Qualified rate:
The percentage rate a merchant will be charged when accepting a regular consumer credit card and processing it via a standard processing solution. (swiped or with all required information).
Mid-qualified rate:
Applies to cards that are not processed in the “standard” fashion. (keyed into a card terminal instead of swiped). Or will apply to special credit cards such as rewards or business cards where required information is not supplied.
Non-qualified rate:
Usually the highest percentage rate charged and may occur for the following reasons:
Credit transaction is keyed into the terminal instead of swiped and address verification is not performed.
Credit transaction involves a business card and all the required information is not provided.
The merchant does not submit their daily batches in the defined time frame.(Usually 24 to 48 hours).
