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Rates are only one factor, FEES are the other...

The most frequent question I receive is "what are your rates?"

When shopping for a merchant account, make sure you look at more than just the rates! Rates are one of the most misleading ways to judge a merchant account. The most important thing is to ask about the FEES a merchant service provider charges.

There is also no 'Standard Rate' despite what companies may tell you. The price for transactions are made up of 'Interchange Fees' and 'Assessment Fees'. The Assessment Fee is a flat fee determined by the Type of card that's accepted. The interchange fee is much more complicated and relates to the category the transaction falls under.

Visa and Mastercard have over 150 different interchange categories that your account can be put into depending on the type of card used, the environment and information that is collected. So companies who advertise a 'low' discount rate normally do so to get people to sign up and distract them from later rate increases, other 'hidden' charges or lengthy contracts.

A longer term contract may also have hefty termination fees and if this is the case there is less need for the provider to give a high level of customer service. Others fees you may be charged include start up fees, monthly minimums, annual fees and statement fees. 

Do your homework and find out what fees are charged before you sign up with an account. Call us today and we'll be happy to provide you with a transparent  explanation of what we offer.