Consumer Guides

Government  Guides

Consumer News

 

Consumer Guides
Index

Consumer Guides
Home



Submit Government Guide

Submit Article

Copywriting Services 
 
Adoption
Adoption Record Access
Single Parent Adoption
Alternative Energy
Autos - Cars
Automobiles - Buying
Auto Finance
Auto Insurance
Auto Leasing
Auto Auctions
Auto Hybrids (HEV)
Rental Cars
Biology - Human Genome Project
 
Business- Franchises
Business Investment Capital
 
 
Consumer News Articles
Cosmetic Surgery and Financing
CD Manufacturing Services
Clean Energy Systems
Costopedia
Forklift Batteries
LASIK Procedures and Costs
Organic Baby Furniture
 
Disaster Help
Guide to help Rebuild Your Home
Earthquakes -Preparation, Survival
 
Drugs
Drug and Alcohol Rehabs
 
Employment and Interviewing
 
Education
 
Fishing Guide
Financial
Currency & Coins
Currency: Buying, Selling and Redeeming
FDIC Insurance
Forex Brokerages Directory
Merchant Accounts
Merchant Account Comparisons
Credit Card Guide
Payment Processing Options
Stock Market Basics
Auctions
 
 
Government Grant Info
Government Links - Federal, State, Local
Global Warming Facts
 
Homeland Security
Preparing America
U.S. Immigration and Visas   
 
Health
Hospital Comparison
Health Insurance
What is Influenza? (Flu)
Life Insurance
Long Term Care
Healthcare Debate
 
Jewelry
 
Marriage
Marriage and Health
Marriage and Teen Attitudes
Happy vs. Unhappy
Marriage and Health
Recipe for Happy Marriage
Sleep and Marriage Study
 
Patents, Trademarks, Copyrights
 
News
Legal News
World News
 
Private Jets
Business Aircraft
Cessna
Eclipse 500
Lear
 
Real Estate
Mortgage Modification
100 Q & A's of Home Buying
Fair Housing Quiz (HUD)
Financing Energy Efficient Homes
Home Buying
Home Buying FAQ
Home Buying Glossary
Home Buying Loans
Home Mortgage Insurance
Manufactured Homes
Mortgage Refinance
Selling Your Home
Ten Tips For Home Buyers
Energy Efficient Homes
 
Tax Tips
Tax Hike - Expiring Bush Tax Cuts
 
Technology
Data Centers
Correct Time
Digital Photography
 
Travel
Traveling by Train Tips
Tips For Women Traveling Alone
State Department Travel Tips
 
Other Online Guides
e-Commerce
Shopping
Inpatient Substance Abuse Rehab Treatment


________
Disclaimer

Contact

 

  

MERCHANT ACCOUNT COMPARISON

 

 

Merchant account providers vary greatly in their prices and services, so it's important to do your due diligence if you want the best deal.

A merchant account banner headline may highlight a low discount rate, but realize that merchant accounts have multiple fee schedules depending on volume and credit, and a host of hidden charges, so you'll have to drill down for the true costs.  For example, you might see and ad that says 1.39% discount rate.  But this rate may be for customers with huge volume and perfect credit.  If you're not a nationwide department store, you may receive a much higher rate. 

Be aware that the lowest rate will be when receiving payment at the point of sale through a terminal.  This is called the "Swiped" rate.  The MOTO rate will always be higher.  This stands for Mail Order / Telephone Order.  The customer is not present and there is a higher risk of fraud in these transactions.

Be aware, there is no such thing as a "Free Merchant Account".   This kind of ad only means that there is no set-up fee.

Be sure to get a complete list of all fees.  Any merchant account sales rep will be glad to sign you up and allow you to find those fees later.  

Examples of other fees:

Transaction Fees, Statement Fees, Termination or Cancellation Fees, Setup Charges, Batch Fees, Minimum Monthly Processing Fee, Customer Support Fee, Technical Support Fee etc.

Chargebacks

A chargeback occurs when a customer disputes a credit card charge for a host of reasons including being dissatisfied with the product, price or service.  Find out exactly what the payment processor's chargeback policy is including arbitration procedure and how much each chargeback will cost.

Check Services

Some payment processors offer a host of electronic check services which can be extremely helpful.  These services may be included in your monthly fee or not.  Check verification is not full-proof but usually runs a check through a database which flags suspicious activity or bad check writers.  The service may also offer 'real-time' account verification which verifies that there are sufficient funds in the check-writer's bank account.   Check guarantee is like check insurance, it guarantee's payment of all checks for a specified percentage of the check amount.

Collection Services

Some payment processors offer convenient check collection services with corresponding fees.  This can be very helpful if you accept a lot of checks.  RCK is an automated way to Represent Checks with insufficient funds electronically.  A merchant using this service might stamp the back of a check with a short paragraph authorizing electronic representment for returned checks with a returned check fee.  The customer initials this agreement at the point of sale.   Should the check not clear, the payment processor will make a couple attempts to withdraw the check amount and penalty from the customer's account.   Many times this service is free because the payment processor gets the returned check fee.

Virtual Terminal

A virtual terminal is a secure connection to the payment processors website where you can login and use your computer to accept credit card payments or electronic checks.  This service can be great for professional offices or home and remote businesses who accept payments over the phone or by mail.   It may or may not be included in your monthly service charge.

Electronic Invoices

This is a convenient way to create an invoice and email it to a customer for payment.  When they click the link in the email, it redirects to a secure website where they can pay electronically by check or credit card.  It may or may not be offered by your payment processor.  Always ask if it's included in the monthly fee or if there's an additional charge.

Shopping Carts

Also, you may be interested in a shopping cart and selling merchandise online.  Be sure to find out if you're locked into using their shopping cart, or if there is an easy way to download a module to enable your own shopping cart.  Proprietary shopping carts can be expensive.  Find out all of the volume charges for your shopping cart and how much technical support is available.

Terminals

Your point-of-sale terminal is important as well.  Find out if you can buy your terminal from a third party and shop around for a better price.  Also find out if your terminal will work with other providers should you choose to change.  You may need a wireless terminal if your sales are on the road, at tradeshows, or in a customer's home.

Customer Service

What kind of customer service will you be receiving?  Have they outsourced their service overseas, or will you be talking to someone in-house?  Is it 24/7/365 or only during business hours? 

ISO or Real Payment Processor?

Finally it's important to know if you are dealing with the actual payment processor, or simply an Independent Sales Organization (ISO) which is taking on a sizable middleman profit and will not be servicing your account once the contract is signed. 

PCI Compliance

The Payment Card Industry has created a set of security standards for all merchants who accept credit cards. Make sure any vendor you use is PCI Compliant.  See link below.

Shop around and ask lot's of questions... good luck!

 

Note: Chart below was posted on government site on 12/7/04...
check with individual Merchant Account Providers for most updated information and rates.
Minority Business Development Agency

Merchant Account Provider

Real-Time Solution Price

Gateway
Fee

Statement
Fee

Monthly
Minimum

Discount
Rate

Transaction
Fee

Tech.
Support
Fee

ECHO, Inc.
Acquired by Intuit in 2008 rates may have changed.

$99 (free to switch) 

ECHO Gateway
FREE/Cart Incl.

FREE

$0

1.79% to 2.69%

$0.30

$19.95/mo.

Total Merchant Services

$299

$10/month

$10/month

$25/month

2.40%

$0.35

Fee not disclosed

Charge.com Merchant Services

$195

$15/month

$10/month

$25/month

2.35%

$0.30

$0/month

CardService Intl. 
CardNetCo

$499

$30/month

$10/month

$15/month

2.35%

$0.25

$0/month

Discover
Merchant
Services

$49.95
Reseller of First data

$19.95/month
Authorize.net or Verisign

$5.00/month

Fee not disclosed

2.31% + 1.25 Intl.

$0.13 (Rates vary) +Interchange

Fee not disclosed $12 chargeback fee

Merchant Accounts Express

$179

$14.95/month

$9.95/month

$25/month

2.29%

$0.30

Fee not disclosed

Her Merchant Account

$169

$10/month

Fee not disclosed

Fee not disclosed

2.19% (Rates vary)

$0.23

Fee not disclosed

Costco Merchant Services

$174.99 w/cart

Reseller for Nova (Call for Quote)

$5.95

Reseller of Nova (Call for Quote)

2.01% (Rates vary)

$0.38

$9.99 (Shopping Cart Fee)

Nova Information Services

$394

$0/month

$6/month

$30/month

2.17% (Rates vary)

$0.30

$10/month

Verisign Pay Flow Pro

$249 (Limit 1000 transactions then 10 cents per)

Fee not disclosed

Fee not disclosed

Fee not disclosed

Fee not disclosed

Fee not disclosed

$59.95/mo

Wells Fargo

$99

Fee not disclosed

Fee not disclosed

Fee not disclosed

2.35%

$0.30

$39/month

Online Data Corp

Fee not disclosed

$19.95/month

$10/month

$25/month

2.29%

$0.30

Fee not disclosed

1st American Card Service

$359

Fee not disclosed

$9/month

$20/month

2.30%

$0.30

$0/month

Jaguar PC

Fee not disclosed

$10/month

$10/month

Fee not disclosed

2.29%

$0.35

Fee not disclosed

Bank Card Solutions

$345

$20/month

$10/month

Fee not disclosed

1.99% (Rates vary)

$0.35

Fee not disclosed ($25 annual fee)

EZ Merchant Accounts

$149

$15/month

$5/month

$25/month

2.25% (Rates vary)

$0.30

Fee not disclosed

WorldPay

$299

Included

live tech support and live shopper

$50/month

2.95% Multi Currency

$0.45 (fraud screening included)

$35/month (1st 3 monthly fees waived)

Global Payments

Fee not disclosed

Fee not disclosed

Fee not disclosed

$15/month

2.29%

$0.30

$49.95/month + $15 chargeback fee

DPI Merchant Services

$50

$29.95/month

$10/month

Fee not disclosed

2.35%

$0.30

Fee not disclosed

AIS Media

$595

$15/month

$10/month

$25/month

2.29%

$0.30

Fee not disclosed

Associated Merchant Services

Fee not disclosed

$15/month

$10/month

$10/month

2.28% (Rates vary)

$0.45

Fee not disclosed Annual fee $29

IPaySecure

$295.95

$49.95/mo Cart incl.

$10/month

$0/month

2.25% (Rates vary)

$0.30

Fee not disclosed

Unified Merchant Services

$49.95

Fee not disclosed

$10/month

Fee not disclosed

2.39%

$0.29

Fee not disclosed

Priority Merchant Services

$150-498

$19/month

$10/month

$10/month

2.25 -
2.85%

$0.30
$25 Chargeback

Fee not disclosed. Annual fee $29

Merchant- Systems IPayment

Fee not disclosed

$15/month

$10-12/mo

$10/month

2.47%

$0.30

Fee not disclosed.

Planet Payment (NetResult)

$175

$25/month

Fee not disclosed.

Fee not disclosed.

2.95%

$0.35

Fee not disclosed.

Authorize.Net Resellers
Typical Charges

$300-600 +App Fee

$25/month

$10/month

$25/month

2.50%

$0.35

Annual Fee sometimes applies.

2Checkout*

$49

None 

None 

None 

5.05%

$0.45

None 

               

Regarding PCI Compliance - Payment Card Industry Security Standards

Retail and eCommerce Reports

PayPal Merchant Accounts

eCommerce guide by Export.gov