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CHARGES INCURRED FOR FOREX MERCHANT ACCOUNTS

In the modern world business scenario, merchant account is essential for all businesses. A merchant account deals with credit and debit cards. I other words, the merchants accept payments through the credit or debit card from the customers. . In any merchant account, the merchant can accept payments through credit cards by the final customers. Since, the system is preset or programmed; the funds are electronically transferred to the merchant’s bank account using the internet connection. These different types of logos are provided by different companies in order to make use of their payment gateway systems in any type of dealings or transactions.

There are many types of merchant account in the recent time scenario. In other terms ecommerce is known for a type of merchant account. It includes all internet and electronic dealings while doing business. There is no problem if any merchant account is maintained properly. The most efficient method to find out how much you are paying for your merchant account each month is: the amount of fees that is charged should be divided by the total processed volume for the month. For example, suppose you have to pay $80 as fees for a processed volume of $2000 then, you have to calculate 80/2000 which is 0.04. Therefore, your merchant account provider is charging you 4% a month as his fees. This is called the effective rate. The discount rate is one of the many fees that the merchant will have to pay. Some of the other fees and charges which are applicable to any merchant account are batch processing fee or ACH fee, monthly statement fee, setup fee, qualified discount rate, mid-qualified discount rate and non-qualified discount rates, etc. there are other fees also included for the merchant. They are customer service fee, early cancellation fee, equipment fee, monthly fee, club membership fee, minimum monthly fee, etc.

There is also annual fee which is charged to the merchant account holder. It is in the form of revenue to the issuing bank. The fee ranges between $ 49 and $ 399. It is charged against the maintenance cost of the merchant account. In some cases, some merchants withdraw their account or end the contract before the expiry of the term. Early termination fee is charged to the merchant account holder doing such. The typical or common time period for a contract is 1 to 3 years and may even be extended up to 5 years. The fee is charged against the risk of loss of the bank. The fee structure is determined by the choice of the merchant account holder. There is a fee called authorisation fee which is charged for every transaction which is sent to the credit card issuing company for authorisation. This fee is charged once the merchant account is approved for the applicant. It is also different than the transaction fee and per product or item fee. There is another fee which is charged to the merchant account holder for providing the monthly statement. This fee is usually charged at the end of every month. 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.