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FEES AND PROCESSING RATES OF ONLINE CASINO MERCHANT ACCOUNTS

 If you have come till here then it is assumed that you have a clear understanding of all the types of merchant accounts and which is the best suitable for your business. The first question asked by any merchant when they contact the service provider for the first time is: What are the fees and rates charged by you for the merchant account? Then, you call another service provider and fire him with the same question. This is a good practice and you should verify the fees and rates with at least 5 service providers. Also, you should surf the net also, to get the best price for the merchant account. You will definitely find an answer and for that you need to see through the pages regarding the pricing of all the account providers. There are advertisements saying that the rates are as low as 1.59% for online merchant accounts but one thing you need to know is, this is the business world and every body is out there to make more money. So find out how they are able to afford such low rates before you get excited. Read between the lines to see for any hidden charges and other stuff. Also, read the fine print very carefully. The company that advertises a rate of 1.59% will charge that rate only for debit cards and it will be much higher for credit cards. Also, many people don’t use their debit cards to make payments.

The industry standard for the processing rates of Online Merchant Accounts should be around two percent. The lowest rate is 2.15%. Also, ask your account provider if the rates are same for both credit and debit card processing, else you will not be able to take advantage.

Remember that the processing fee for credit card payments is just one of the many components that will add to the cost of the merchant account. However, this is the most significant one. Also, most of the account providers will charge different rates for different credit cards. Therefore, you need to know which kind of credit card transactions that your business will be doing the most. Some of the rewards credit cards, commercial and business – to - business cards attract a much higher rate than the ordinary credit card. Also, if you want to process card-not-present transactions without your card-present merchant account then, it will cost you a lot as the provider will put various surcharges on such a transaction. If you want to avoid the extra costs then choose the right account.

Suppose your business does significant amount of transactions of both the card – present and the card – not – present types then it is advisable to have two merchant accounts, one each for one type of transactions to reduce your costs. The absence of surcharges and other overhead costs will save you more money than the cost of paying for both the accounts. There are many tools which can help you make the right decision. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.