Getting to know Merchant Account Fees
If you have a business and you are planning to get a merchant account to be used in accepting credit card payments, the first thing that you should consider is the merchant account fees. This is a very important factor before obtaining a merchant account because this will give you an idea how much to spend and what can you gain from these expenditures.
Aside from the "turnaround time" which is a important consideration to keep you away from financial delays and other related hassles, the quality of "customer service" given which include good customer client relationship, and the "bank reputation" which provides longer operation hours, tenure the industry, alternate choices for processing payments in cases of failure in the system, and the technical support, the fee structure should be the utmost consideration.
Experts say that before obtaining a merchant account, fee structure should be examined very well to ensure that there would be problems in the flow of payments. Studying the fee structure is important to know what are the involved the fees monthly. Today more and more merchant account providers offer lower fees but it doesn’t ensure that they give better service. To ensure that you are getting the best merchant account provider, consider the rate and terms on these fees that they charge:
1. The discount rate which most of the time make up the majority of the costs made by your business. Experts say that this is the most important fees to consider because if there is lower number of times that the card is being swiped, there is a higher possibility that one is keying in Internet transactions.
2. The transaction fees are those that are charged by the processor to be able to process any transaction. People should also pay attention to this because there is charge whether the transaction has been approved or not.
3. The PIN debit transaction fees because this refers to a fixed transaction usually mounting up to around 70 to 80 cents. This should also be a consideration because some processors that charge lower transaction fees have higher hidden charges.
4. The Address Verification Service Transaction Fee or the "AVS" which applies to those merchants that are not really swiping any transaction. Make sure that this fee only range form 5 to 10 cents and should be included in the transaction fees being charged.
5. The ACH Fee or the daily batch fee which is usually charged by other merchant account processors when one settles their daily batch and they transfer their settled funds into the bank account. Make sure that this type of fee is not more than 5 cents to 50 cents only.
Other merchant account fees that should also be considered include the monthly statement or support service fee, the internet gateway fee, the voice authorization fee, the monthly minimum fee, surcharge and partially-qualified or non-qualified fees, the application or setup fee, the reprogramming fee, the chargeback or retrieval fee, the annual fee, the cancellation or termination fee, and other hidden fees or junk fees.
Comments
Menu
My Articles
Merchant Account Risk And SecurityYou Need To Open An Online Merchant Account
Merchant Account 101
What Is A Merchant Account
Merchant Account And The Credit Card
Why Do You Need To Set Up An Internet Merchant Account
Choosing A Merchant Account Provider
Internet Merchant Account
Merchant Account Fees
How Merchant Account Works
Choosing The Right Merchant Account Service Is Essential For Your Business
The Importance Of Merchant Account To Credit Cards
Knowing The Different Types Merchant Account
What Is Merchant Account?
Merchant Account Guide
Merchant Account Types That Are Suitable For Business Needs
Should You Consider Opening An Offshore Merchant Account
Merchant Account Vocabulary
Ideal Rates And Fees For Merchant Account
Where To Look For A Good Merchant Account Provider
The Merchant Account Processor
Finding The Right Merchant Account Provider
Getting To Know Merchant Account Fees
All About Merchant Account Processing
Related Sites | My Articles Ideal Rates And Fees For Merchant Account If you are a business owner who wants to accept credit card, debit cards, gift.. Should You Consider Opening An Offshore Merchant Account Some businesses have decided to open an offshore account. Some do it to.. Where To Look For A Good Merchant Account Provider Merchant account is the contract wherein the bank that aims to acquire extended.. Why Do You Need To Set Up An Internet Merchant Account Are you interested in starting your own business but do not have.. |
|
|
Related News:
|