Test your payment processing knowledge with the Audit Advantage Challenge

/ / Published in Tips

Every month, Audit Advantage reviews hundreds of credit card processing statements and identifies thousands of dollars in overages. Merchants are always curious to test their understanding of the complex array of credit card processing fees. When you use Audit Advantage, you don’t have to waste your time becoming an expert on credit card processing costs, so you can focus more energy on your business.

The following quiz will test your basic understanding of credit card processing costs. Send your answers to info@getauditadvantage.com to see how you scored.

Good luck!

 

  1. What is the most efficient and transparent pricing strategy for credit card processing?
    1. Tiered Rates (i.e. Qualified, Mid-Qualified and Non-Qualified)
    2. Flat Rate
    3. Interchange Plus
    4. Adjustable Rate

 

  1. It is cheaper to swipe or to key-enter a REGULATED debit card?
    1. Swipe
    2. Key-enter
    3. They both cost the same

 

  1. How many different Interchange categories are there?
    1. 5
    2. 101 – 300
    3. More than 300

 

  1. Which of the following is an actual Visa card brand fee?
    1. Visa Sales Discount Fee
    2. Visa Kilobyte Access Fee
    3. Visa Statement Fee

 

  1. Which of the following costs does your processor directly control (choose 1)?
    1. Interchange
    2. Markup
    3. Assessments

 

  1. What do the letters PCI stand for when referring to credit card PCI Compliance?
    1. Property Configuration Index
    2. Protocol Code Integration
    3. Payment Card Industry
    4. Processors Can’t Implement

 

  1. Which of the following Interchange categories represents a downgraded transaction?
    1. Visa Rewards 2
    2. Visa Regulated Debit
    3. Visa Electronic (EIRF)
    4. Visa Foreign Super Premium

 

  1. Which of the following fees is processor markup (i.e. not an actual card brand fee)?
    1. Visa Debit Access Fee (DAF)
    2. Discover International Processing Fee (IPF)
    3. MasterCard Network Access and Brand Usage Fee (NABU)

 

  1. What percentage of merchants are paying higher overall costs than they should?
    1. About 30%
    2. About 60%
    3. About 90%

 

  1. Which of the following fees would be unusual to see on a Cost Plus (aka Interchange Plus) statement?
    1. Discount Rate
    2. Authorization Fee
    3. Non-Qualified Rate