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1. Monthly bank statement fee: $10
2.
Discount Rate for MasterCard and Visa
(swiped cards) 1.79% (non-swiped cards) 2.59%
3.
Transaction fee: .30 cents (swiped cards)
.35 cents (non-swiped cards)
4.
If
your business does the minimum amount of credit card transactions required
by banks each month, there are no other monthly fees.
If your transactions do not meet the minimum required, the following additional
fee will apply:
Minimum Monthly Discount (pro-rated)
All merchant accounts should do a minimum amount of
business each month.
Your discount rate X your monthly sales = Minimum Monthly
Anything above the minimum, the fee is waived.
Anything below the minimum, fee is pro-rated from $0 to $25
Remember: meet the minimum and you owe $0
Meet half of the minimum, and
you owe half of $25.00---$12.50
If you had no credit sales in a month,
you would owe $25.
Most businesses never have to pay this fee, and if they do, it's only for
a couple of months until their business becomes established and their sales
increase.
Note: If you think that your business will do less than
a couple of hundred dollars in credit card transactions per month, you may
want to wait until your sales increase. Accepting credit cards may not be
cost effective for your business until your monthly volume increases.