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+--- Thread: Merchant Account Credit Card Processing (/showthread.php?tid=574886)
Merchant Account Credit Card Processing - cramerjohn004 - 06 Nov 2022
When shopping for a merchant account there's a lot to consider, but perhaps one of the most important things to consider are the rates. The rates on your merchant account can often affect your bottom line more than you might think, especially if you are in a high risk industry.
There are a number of different rates and charges that accompany a merchant account and it can sometimes get a bit confusing. Below you will find the most common rates, fees and charges that merchant how to become an iso account providers will throw at you.
One time fees
Application Fee: This fee is charged upon a successful application. Whilst application fees used to be charged by all providers, they are less common these days. In some cases application fees are charged at the point of the submitted application and may not be refundable.
Gateway/Setup Fee: This is a flat setup fee charged when a new account is created and is usually around USD$50.00.
Recurring Fees
Monthly Gateway Fee: A fixed monthly fee that covers the use of the gateways processing services. This fee may also include payment cancellations and transaction reporting.
Monthly Statement Fee: A fixed monthly fee that covers general services provided by the merchant account provider. This fee may also be called a service or statement fee.