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A Guide To Understanding Merchant Account Rates & Fees
By: Bobi Michaelson
By understanding the true costs associated with merchant account pricing, you can make an educated decision as to which merchant account is really best for your needs.
You have opened your business and realize that accepting credit cards will increase your sales dramatically. It is now time to choose the merchant account that will be best for you.
You’ve received emails, postcards and have surfed the Internet and have seen some great promotions. Which of these merchant account providers will give you a good deal? Before signing any merchant account agreement it is important to understand all of the rates and fees that will be associated with your account.
Qualified Discount Rate – This is the percentage that will be charge on all of your credit card sales.
Swiped credit cards will have a lower discount rate due to the fact that the cardholder is present and the risk is lower.
Keyed credit cards will have a higher discount rate due to the fact that there is more risk involved in accepting the credit card due to the fact that the cardholder is not present.
Mid & Non-Qualified Surcharge – These surcharges are very important to understand, as some Visa/Mastercard transactions will have an additional surcharge applied to the qualified discount rate.
Mid-Qualified Surcharge applies to swiped merchants only. When a credit card is swiped and the magnetic strip cannot be read in the terminal, you will key in the transaction. When you have a telephone order, mail order or Internet order, you will key in the transaction. A surcharge will be applied to the transaction. In other words, if your qualified rate is 1.66% and your Mid-Qualified surcharge is .85%, you will pay 1.66% + .85% = 2.51% for that transaction.
Non-Qualified Surcharge applies to both swiped and keyed merchants. Whenever a corporate or foreign card is used, or you do not utilize the Address Verification System when keying in a credit card, the Non-Qualified Surcharge will apply. In other words, if your qualified rate is 2.39% and your Non Qualified surcharge is 1.95%, you will pay 2.39% + 1.95% = 4.34% for that transaction.
Transaction Fee – Merchant providers will also charge a per transaction fee on each of your sales. Some providers will also include a per item fee, or a watts fee in addition to the transaction fee. Make sure you understand the true cost of the transaction fee structure.
Address Verification System (AVS) – Address Verification applies to keyed transactions. The AVS determines whether the street address and zip code is actually a match for the cardholder. AVS does not w....[MORE]
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| Credit Card Processing Review 2010 - TopTenREVIEWS | Credit card processing companies shouldn't charge you too much to set up a merchant account and a payment gateway. Account Setup Time A competent service will expedite your ... | | http://credit-card-processing-review.toptenreviews.com/ | | | | Credit Card Processing Companies and Services | Business.com | Directory of credit card processing companies that specialize in merchant card services. Review firms offering a full range of services for merchant credit cards, including ... | http://www.business.com/directory/financial_services/commercial_finance/merchant_services/ credit_card_processing/ | | |
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