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Disclaimer
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Merchant Accounts
Services and Fees
In today's competitive business environment, a merchant account
is an essential ingredient to expanding the customer base. Many consumers
will look for the credit card acceptance marks on the door or near the cash
register to be assured that they will be able to make the purchase.
Merchant accounts can provide a full array of accepting payment
electronically, and the costs and fees can vary greatly. Read your service
contract carefully and ask many questions for signing.
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Credit cards can be accepted via:
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Manual Hand Swipe Machines
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Point-of-Sale Terminals
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Cash Register Systems
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Touch Tone Phones
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Virtual Terminals using Personal Computer
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Wireless Hand-Held
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Online Shopping Cart
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Recurring Payments Manager for Subscriptions and Routine
Payments
Check Services
Some merchant account providers also provide electronic check
services which is the process of converting a paper check into an electronic
funds transfer. This gives the merchant a faster turn-around on payment
fulfillment, typically 2-3 days. And since it's accomplished
electronically, merchants do not have to make daily trips to the bank.
Collection of insufficient funds can also be accomplished electronically
providing greater convenience.
Cost and Fees
Read the fine print. The discount rate is the
percentage of each credit card transaction that goes to the merchant account
provider on average 1.75% for a swiped transaction. Internet and phone
transactions are higher risk and will incur a higher discount rate. Since
a low discount rate looks good in marketing, some providers may lower the
discount rate, but charge higher fees in other areas. Also beware of
teaser rates which expire, or low advertised rates with high volume
requirements. There will also be a per-item
charge between .10 and .40 cents on average. Other fees may include set-up
fees, early termination fees, Customer Support Fees, Chargeback Fees, Retrieval
Fees, Gateway Fees (Internet Sales)
Gateway Per Item Fees, Over Limit Fees, Voice Authorization Fees and Statement
Fees.
Electronic Check Conversion fees
are on a per item basis from .20 -.40 cents per transaction on average.
Ask the sales rep for complete list
of fees, since many of these hidden charges maybe written into a long laborious
contract.
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