When opening a merchant account it is important to understand the fees charged by credit card processors. It is also important to know the difference between a normal fee and a junk fee. Many credit card processing companies bury hidden fees and minimums in merchant agreements. We will teach you how to identify these fees and successfully obtain a low rate merchant account.
First, let's go over some normal acceptable fees...
When you total all fees charged on a standard merchant account you should be able to compute your effective annual credit card processing rate to less than 3%. If you total up all your merchant account fees over a one year period and you effectively are paying more than 3% you should look into other processors.
Now let's go over some popular junk fees...
Many unscrupulous credit card processors will attempt to add these fees buried deep into merchant agreements. Another tactic used by these companies is to have you sign a blank application with fees left blank. It is important to stay wary of all fees that your credit card processor is charging you.
If you need help understanding your merchant account agreement please contact us today and we may be able to help you understand and reduce your current credit card processing fees. We are industry experts with years of experience in the merchant account processing field. We offer award winning customer support and have helped thousands of business owners obtain a low cost merchant account.