Money, money, money. You can’t say business without money. The tons of fees and charges a business owner has to deal with everyday are staggering. Even merchant accounts, which are there to make sure your income comes in steadily, are in need of maintenance fees.
And they’re not also simple fees that you can scoff off, all merchant accounts have a set of fees that needs to be paid and there’s also a couple of more depending on the type of business you’re going to have.
You might be thinking there’s a ton of fees that needs to be taken care off, how am I supposed to understand them all? Here is a list of 5 very common Merchant Account fees that you need to keep an eye on.
Known to be the biggest expense you’ll ever have. To be put simply, this is a percentage fee that is taken from your account for every purchase of your product. This fee varies depends on the provider, bank and other various factors that must be carefully scrutinized before application.
Each time your merchant account makes contact with any financial terminal whether physical or online, these services get a cut for every process your merchant account uses during the transaction processes.
Internet Gateway Fees
This fee is paid when the merchant account uses an Internet Payment Gateway for your business transactions. This fee is directly paid to the provider and some of them may charge additional charges in your fees.
This fee must be paid if you want to close your merchant account. Some businesses may be unaware of this fee from their provider.
Upon refund of a client’s purchase, the credit card company charges an incentivized payment called Chargeback Fee. It may sound like a penalty fee, but it’s actually a processing fee to make sure the other services you avail will still cost at a minimum.