Solve the Merchant Account Riddle
| Category: Online Payments | Date: 2001-08-21 |
5 Fees to consider when buying a merchant account
American business is based on EASY buying. Our record setting business system didn't take off until easy credit became standard for large groups of people. Today credit cards account for billions of dollars in business every day.
Credit cards are especially important on the Internet. Along with the amazing convenience of being able to buy almost anything from almost anywhere in the world and have it delivered a short time later to your door comes the demand that you take credit cards.
Because you have to accept credit cards to succeed on the Internet Merchant Accounts are hot commodities. Banks and credit agencies have discovered amazing ways to add hidden fees to an already profitable business.
Let's take a look at the fees and how you can avoid paying more for your merchant account than you do for your house.
1. The set up fee waived $39.95 to $79.95 a month for 4 years plan. What a deal this one turns out to be. Get out a calculator before you get duped into one of these plans. $39.95 a month would be great if it stopped there, but we're just getting started.
$1917 to $3838 is the actual cost. Try getting out of the lease and your dealing with professional collectors. Your better off paying for the transaction software up front or putting it on your credit card.
2. Monthly minimum transaction fee: Generally this fee is $15 to $25 dollars wether you make a sale or not.
3. Gateway access fee: This fee was invented as another way to suck $10 to $25 dollars a month out of your pocket. Basically this fee gives your the right to access the transaction software that you have already paid for with your cash up front or 4 year lease commitment.
4. Statement Fee: Usually $10 a month so you can get a complete statement that will detail all of the other fees that you have been charged thoughout the month.
5. Per transaction fee: This is the fee that exists to make sure that the banks make money on small purchases as well as large purchases. This fee is usually about .30.
6. Percentage of sale fee: 3% to 3.5% of all dollars run through your merchant account.
No matter how you slice it, dice it, or present it, it adds up to around $100 a month for the right to accept money via a credit card with real time transactions online.
Use this information when determining what merchant account is right for your business. Also consider what programming it will take to get your merchant account to work on your site or shopping cart system.
About the Author
Ted Willich provides Internet marketing advice for small and medium sized businesses. Check out Justwebit.com's one stop merchant account, domain hosting and shopping cart for the guaranteed lowest price on the net.
:To contact see details below.
techsupport@justwebit.com
http://www.justwebit.com/
American business is based on EASY buying. Our record setting business system didn't take off until easy credit became standard for large groups of people. Today credit cards account for billions of dollars in business every day.
Credit cards are especially important on the Internet. Along with the amazing convenience of being able to buy almost anything from almost anywhere in the world and have it delivered a short time later to your door comes the demand that you take credit cards.
Because you have to accept credit cards to succeed on the Internet Merchant Accounts are hot commodities. Banks and credit agencies have discovered amazing ways to add hidden fees to an already profitable business.
Let's take a look at the fees and how you can avoid paying more for your merchant account than you do for your house.
1. The set up fee waived $39.95 to $79.95 a month for 4 years plan. What a deal this one turns out to be. Get out a calculator before you get duped into one of these plans. $39.95 a month would be great if it stopped there, but we're just getting started.
$1917 to $3838 is the actual cost. Try getting out of the lease and your dealing with professional collectors. Your better off paying for the transaction software up front or putting it on your credit card.
2. Monthly minimum transaction fee: Generally this fee is $15 to $25 dollars wether you make a sale or not.
3. Gateway access fee: This fee was invented as another way to suck $10 to $25 dollars a month out of your pocket. Basically this fee gives your the right to access the transaction software that you have already paid for with your cash up front or 4 year lease commitment.
4. Statement Fee: Usually $10 a month so you can get a complete statement that will detail all of the other fees that you have been charged thoughout the month.
5. Per transaction fee: This is the fee that exists to make sure that the banks make money on small purchases as well as large purchases. This fee is usually about .30.
6. Percentage of sale fee: 3% to 3.5% of all dollars run through your merchant account.
No matter how you slice it, dice it, or present it, it adds up to around $100 a month for the right to accept money via a credit card with real time transactions online.
Use this information when determining what merchant account is right for your business. Also consider what programming it will take to get your merchant account to work on your site or shopping cart system.
About the Author
Ted Willich provides Internet marketing advice for small and medium sized businesses. Check out Justwebit.com's one stop merchant account, domain hosting and shopping cart for the guaranteed lowest price on the net.
:To contact see details below.
techsupport@justwebit.com
http://www.justwebit.com/
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