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SPORTSBOOK MERCHANT ACCOUNT FEES WHICH CAN BE AVOIDED

If you are keen on gaining more knowledge about merchant account fees, then by now you need to have complete knowledge about the benefits your business has, if you acquire a merchant account. It is not a big issue if you have confusion about the different kinds of merchant account fees. There are a number of rates, costs and fees as well as other payments that will be charged by the merchant account providers. Most of the fees and charges are legitimate. However, there are a few charges that are unnecessary and need to be avoided at all costs for that you do not lose out on the profits. Some of the unnecessary charges that you may be charged includes gateway fees, fees for the swipe terminal hardware, termination or cancellation fees, programming fee, batch close-out or daily fee, annual fee, reserve funds and foreign card surcharges. This article provides an explanation about these charges and why they need to be avoided.

-       Gateway fees – The merchant account provider will charge anywhere between $10 and $30 for real time processing of credit cards.

-       Fees for swipe terminal hardware – This is the cost for the hardware that can be seen in all the retail stores where a consumer’s credit card is swiped so that the credit card information can be read. The cost for this terminal is about $300. If you are the owner of a start up or a small business, you will not require a high-tech terminal machine.

-       Programming fee – There are a few merchant account service providers who ask traders to shell out close to $100 if the traders want to opt for another merchant account service provider. Do not sign an agreement if you are asked to pay this fee.

-       Daily or batch close-out fee – Some of the merchant account providers charge close to 10 or 20 cents to batch the transactions. If the provider is charging you with this fee, you need to re-negotiate the terms in the agreement by selecting another merchant account service provider.

-       Chargeback fees – This is the fee that has to be paid by a trader if the trader faces a chargeback. However, there are a few providers who charge very high chargeback fees. Find out if the chargeback fee charged by your merchant account provider is in accordance with industry standards. If this is not the case, it is time you think of changing your merchant account provider.

-       Annual fees – The annual fees has no justification at all. It is simply a means of making extra money by the merchant account providers. A few merchant account service providers charges hundreds of dollars as annual fees. However, this fee should be completely avoided.

There are many other charges and fees that will be asked to pay by your merchant account service provider. Do your homework before opting for a provider; else, you may end up being locked in a highly 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.