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When setting up your merchant account, you need to be aware of all set-up and ongoing fees before proceeding. Ask your provider about each and every fee, whether it is an ongoing fee, and what it will end up costing you. Many times, a merchant account that seems cheap to set up can end up being very expensive once all of the fees are added to your account. Also, be very careful of hidden fees that your provider did not disclose to you before you began the set-up process. The most common set-up fees include the application fee, set-up fee, hardware, software, and rolling reserve/security deposit. The most common ongoing fees include discount rates, per transaction fees, daily batch fees, authorization charges, monthly statement fees, monthly minimum fees, monthly gateway fees, chargeback fees, fraud protection fees, and annual renewal. There are also a variety of hidden charges that are often not spelled out for you, so be sure to read every word of your contract before signing up. Set-up fees The application fee is charged by most merchant account providers to cover processing costs, and runs $50 to $150. The set-up fee is usually charged for hardware and software installation, and depending on your provider, can cost nothing up to $300. The hardware includes the terminals you will need to run credit cards, and will cost you about $500 to $1,500 to purchase or $15 to $50 a month to lease. The software allows you to send credit card transactions through your account provider, and usually runs $400 to $800. A security deposit is common for start-up or high-risk businesses, and usually totals one month

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βˆ™ 2005-01-12 21:17:15
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Q: What are all the different fees that you are obligated to pay credit card companies including set-up fees and monthly fees as well as commissions?
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