Are you planning on opening a merchant account? You may not be aware of all the costs and fees that merchant banks charge from you. Though there are some operational costs that have to be charged by any merchant bank like Solid Trust Pay, you will be surprised to find that the fee structure that was quoted to you may not be the one that you will be agreeing to when signing the contract. If you look closely there will be many add- on fees buried in the contract. The end result will be you having to fork out a lot more than what you thought you were going to pay when so signed in.
Therefore it is important for you to be aware of the hidden merchant account fees that the merchant banks charge from you.
Discount rate: will form the majority of your merchant bank costs. This is a percentage charged on each transaction and will vary depending on whether the card will be swiped or keyed in for internet or MOTO card not present transactions. The fee will be lower for swiping and higher if it is to be keyed in.
Teaser rates: these are common hidden fees associated with merchant accounts. At the time of signing the contract the rate will be a very low one, but the bank maintains the right to increase at will and after a few months they will steeply increase the rate. This happens mainly with the discount rate. Another tactic is to have a teaser rate apply to a specific card type in a specific category and charge higher rates on other cards and categories.
Annual fees: is a charge levied on you once a year by the bank to maintain your account.
Minimum monthly fee: A merchant bank like solidtrustpay will require the merchant to maintain a minimum monthly credit card transaction amount. If the merchant falls short of this stipulated amount he will be charged a minimum monthly fee.
Startup/application fee: almost all merchant banks like solidtrsutpay.com charge a startup fee which could range from $50 to $150.
Statement fee: a fee ranging from $10 – $15 will be charged a month to generate a paper statement.
Payment gateway fees: will apply if you are using an internet payment gateway instead of software or a terminal. This monthly fee which costs up to $30 a month will generally be billed directly by the gateway provider. There may be an additional transaction fee on top of the monthly fee.
Address verification service fee: merchant banks like Solid Trust Pay will charge this fee from merchants who key in their credit card transactions. The AVS service is mandatory for all Visa and Mastercard transactions and helps reduce fraud.
Before you open an account make sure to read all the details and find out about all the fees and costs involved. You can go to solidtrustpay.com to find out the fees charged by solidtrustpay.
If you are a small business, it is very important for you to find the best deal possible from a bank like Solid Trust Pay to be able to accept credit card payments. Click on to solidtrustpay.com to secure the best deal for you.
