Business owners may not be aware that their expenses are way overboard and as result, they can’t stay on top of everything. They don’t’ know that they need to pay for credit card processing fees. Whether you are just starting a business, you would to hire a merchant account that would meet your needs. No matter how you look at it, unfortunately the expenses are too much. These fees can be under your radar without your detecting. If you have a merchant account, here are the culprits. If you know about the fees, you can calculate your business expenses.
Transaction Fee – It is a charge for gateway fee, network fee and even fraud detection. There are providers who may hide these charges. Always do a research and subtract it to your revenue.
Set up Fee – Most account providers forgo this if you sign with them.
High Risk or International Fee – High Risk businesses are the one paying for these fees to help get your approval. It often paid annually but you need to check if the company charges them.
Charge Back Fee – A customer may dispute the processing this is due to security and application of laws. This is a challenge to merchant.
Termination Fee – For those who are planning to stop the merchant account contract, this needs to be paid. Before signing the contract set this record straight.
Termination Fee – As a business owner, it is advisable that prior to signing the contract ask about their termination fees first. In case you are not satisfied with their service, you can easily cancel the contract without worrying about the cost.
Refund Fees – You would need to pay this when customers get refund. You should also pay for fraud labor transactions.
Before signing a contract with a merchant account provider, there is no doubt there are fees are involved which is you are required to pay. This would include set up fees, transaction fees, refund fees and others. These can be deducted in your account without your knowledge.
To learn more about merchant account rates and payment processing fees visit www.ecorepay.com.