Financial services companies such as payment service providers, payment networks, and banks often struggle to remain agile and competitive in this rapidly changing world of payments. And as the number of electronic payment options and transaction participants increases, payment processing companies are looking for new ways to stay competitive in this fiercely aggressive market.

Some companies are overcoming this challenge by adopting configurable, rules-based solutions that support the assessment of any type of fee or commission on any combination of transaction data elements.  When leveraging the right platform, a rules-based approach enables companies to quickly assess, assign, and modify any fee or commission via configuration rather than being held back by timely and expensive software code changes. This approach is enabling companies to be extremely agile and competitive.

We invite you to read today’s article in PaymentsNEXT by Jim Merchant, Senior Program Director at BHMI.  In this article, Jim provides insights into the different types of transaction-based fees, the power of a rules-based fees engine, and some important things to consider.