Interchange and Assessments - What are they? / What to look out for?
Shannon Andrade | VIEW PROFILE
May 31, 2012
Have you ever wondered how merchant service providers determine merchant account pricing, or why some credit card transactions cost more than others? To better understand what you’re paying for, you need to know how merchant account pricing is established. Simply put, there...
Factors to Consider When Choosing a Merchant Account
Shannon Andrade | VIEW PROFILE
May 31, 2012
There are several factors to look at as well as traps to avoid when choosing the best merchant account for your business. This article should help guide you in making the best choice for your business when choosing a merchant account. Suspiciously Low Rates Make sure the rate...
Key Credit Card Processing Terms
Merchant Warehouse | VIEW PROFILE
December 10, 2010
There’s a lot involved in credit card processing for merchants and customers alike nowadays. It pays to know what terms are in regular use among your merchant service provider, customers, banks, credit card issuers and other integral people and organizations that help to...
Merchant Fees
Merchant Warehouse | VIEW PROFILE
December 10, 2010
“Merchant fees” are more commonly referred to as “interchange fees.” The term is used by the payment card industry to describe what a merchant’s bank (“acquiring bank”) pays a customer’s bank (“issuing bank”) when that merchant processes transactions with cards in the Visa...
Interchange Fee
Merchant Warehouse | VIEW PROFILE
December 10, 2010
“Interchange Fee” is a word referred to in the credit card and banking industries to describe the amount that the bank of a merchant pays a the bank of a customer when a merchant allows cards that use major credit card networks like MasterCard, Visa or Discover for sales...
Monthly Minimum
Merchant Warehouse | VIEW PROFILE
December 10, 2010
The “monthly minimum” is the specific dollar figure in processing fees that must be generated by a merchant account in a particular month. Many of today’s merchant accounts stipulate the payment of a monthly minimum fee, with the typical amount charged by most companies on...
Authorization Fee
Merchant Warehouse | VIEW PROFILE
December 10, 2010
A credit card authorization fee (which is actually an authorization request fee) is the amount of money that is charged directly to an individual merchant account each time communication is made between credit card processing software (when the sale transaction is...
Statement Fee
Merchant Warehouse | VIEW PROFILE
December 10, 2010
When a business sets up a merchant bank account with a merchant service provider, various fees are required to establish that account. One of these fees is a monthly “statement fee.” This is a fixed fee that is charged monthly and is associated with the statement that is...
Application Fee
Merchant Warehouse | VIEW PROFILE
December 10, 2010
An application fee is any charge paid by a potential customer who is asking to be granted permission, access, credit or other services from any institution, financial or otherwise. Application fees for merchant accounts are fairly standard. The application fee pays for the...
Annual Fee
Merchant Warehouse | VIEW PROFILE
December 10, 2010
An annual fee is any fixed charge that banks or other financial institutions charge for the use of merchant accounts, credit cards or other financial instruments. Faced with rising costs and increased competition, banks have removed the annual fees for some instruments...
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