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OFFSHORE MERCHANT ACCOUNT FEES WHICH CAN BE AVOIDED

 If you have come to the step of knowing more about “Merchant Account Fees”, then you must be sure about the benefits of a merchant account for your business. It is understandable if you are confused about the various types of fees associated with a merchant account. There are several fees, rates, costs and many other expenses that are charged by the providers of merchant accounts. Almost all of the charges and fees are legitimate but there are some unnecessary fees which should be avoided and make your business more profitable. This includes charges or fees’ such as Foreign Card surcharges, Cancellation or Termination fees, Reserve Fund, Annual Fee, Daily or Batch Close – Out Fee, Programming Fee, Swipe Terminal Hardware Fee and Gateway Fee. This article explains these charges and why they can be avoided.

  • Gateway Fee: the provider will charge about $10 to $30 for real time credit card processing.
  • Fee for Swipe Terminal Hardware: This is the cost of the hardware found in most of the retail stores where the credit card of the customer is swiped to read the details of the card. The cost of a credit card terminal may cost you up to three hundred dollars. If you are running a small or a start up business then you will not need a high tech terminal machine.
  • Programming Fee: Some merchant account service providers ask the merchants to pay about hundred dollars if they want to change their service provider. Never sign on an agreement where you are asked to pay such a fee.
  • Batch or Daily Close – Out Fee: A few providers charge about 10 or 20 cents to batch your transactions. If your merchant provider is taking such a fee from you then it is time to re-negotiate the agreement or go to another merchant account provider.
  • Chargeback Fee: This fee has to be paid by the merchant in case of a chargeback by the customer. However, some providers charge extremely high rates as chargeback fees. Find out whether the rates charged by your provider are according to industry standards. If not then the time has come to change your service provider.
  • Annual Fee: This fee has no justification. It is only a method of making some extra money by the service providers. Annual Fees with some providers is as high as hundred dollars a year which should be entirely avoided.

Then, there are several more charges and fees’ which are charged by the service providers to increase the bottom line of their companies and decrease that of yours. This can be easily avoided if you do proper research and have negotiated well with your merchant account services provider. There are several merchant account providers out there in the market and due to the cut throat competition you should be able to get a good deal if you have done your homework. Well if you don’t spend enough time, then you may end up being locked in an expensive agreement.

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.