The main credit card fees are:
Interchange fees: this is a fee that is charged for ever transaction that a merchant makes and is paid to the card-issuing bank by the payment processor. This fee ranges from between 2%-3% of each transaction. The rate paid by the merchant is dependent on certain factors. These factors include the transaction type, type of card accepted (credit or debit) and the size of each transaction. It is important to note that in-store transactions have fewer interchange fees.
Application fees: most service providers charge the merchants a fee for applying for the processing services. This fee may vary depending on the company offering the service. You may also incur the cost of setting up equipment that is needed to accept credit cards.
Monthly gateway access fee: a gateway allows transmission of transaction data from your processing system to the credit card companies. For providing this service, most processors charge a monthly fee of between 10$ to 30$.
Monthly minimum fee: this refers to a minimum amount of money that the company charges every month. In the occurrence that a merchant does not meet this minimum monthly fee, the processing company will charge the merchant to meet the minimum.
Early termination fee: in cases where a merchant cancels a contract prematurely, the processing company is obliged to charge a cancellation fee.
- How long it takes to set up
Setting up the processing technology should be easy for both you and your employees. When selecting a service provider, you should find out how long it takes for the company to set up the account and install equipment on your premises. This aids one in planning accordingly.
- Does it accept new payment technologies?
If your customer base is tech-savvyyou might want a payments processor with near-field communication (NFC) technology, so you can accept digital wallets such as Apple Pay, Samsung Pay or Android Pay. This will allow the customers to make payments using their smartphones or tablets.
- What are the accepted payment types?
Retail business owners need to ensure that they install payment processors that accept all major debit and credit cards so that you don’t turn away any customers. It is also advisable to install a system that accepts prepaid cards and gift cards, or an electronic benefit transfer, or EBT.
- Customer support
When in need of help, accessing the help is one of the top priorities when evaluating credit card merchant services providers. In order to drive customer satisfaction, fast payments are one of the major factors taken into consideration. You should get a clear understanding of who will handle and deal with payment related issues.
If a network goes down, a merchant stands to lose more revenue. You should look for a credit card merchant service provider with a track record of reliability, and one that has proven systems for addressing outages when they happen. Find out how potential providers handle unexpected authorization network outages, and how your business operations will be impacted.
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