Hidden Merchant Service Fees Most Business Owners Aren't Aware Of
Sometimes the simplest thing can be a chore. All you want to do in your business is be able to accept debit and credit card transactions, and do so smoothly and efficiently. However, when you seek out a merchant service to do this, you find it's not such a simple choice.
There are a lot of fees associated with having a merchant account, to process credit card orders. A lot of business owners are not aware of all these fees at first, and often make a mistake when choosing their merchant service provider. In this article, I will show you what to be aware of, to make sure you're not being slapped with a hidden fee you had not anticipated.
First and foremost, every merchant service will charge a fee per transaction. This means every time somebody uses a credit card, you will pay a small percentage. This is unavoidable, so therefore it is wise to try to find the merchant service provider who takes the smallest of percentages.
However, don't go on this number alone. There are a lot of other hidden fees that may come up and bite you. For example, the termination fee. Some merchants will entice you to sign up for their services for a low transaction fee. However, in the fine print you miss all of the other fees. Soon you find you're paying way more than you should be for this merchant service.
Yet when you try to get out of it, you find you have to pay termination fee. What's left is you spent a lot of money unnecessarily.Click now physician office payments https://healthmerchantservices.com/
Other hidden fees to look for are authorization fees. These are fees a business may be required to pay, even if the credit card is rejected and not processed.
Additionally, some merchant services charge a minimum monthly fee, regardless of your transaction amounts. This means if you process no credit cards that month, you're still required to pay a certain amount of money.
Also, look out for a refund or chargeback fees.
With all of these different fees, it is important to go with a merchant service who is either up front with all their fees, or doesn't have all the superfluous fees attached to their service.
