Poor Credit Merchant Processing Services
According to government statistics, only 2% of all online shoppers prefer to avoid credit and debit card payment methods. If you have not set up your internet site with a credit card checkout, you are losing customers. Can you truly afford to lose more than 98% of all shoppers? Before you can finalize your website payment system to accept credit cards, you must set up a merchant credit card processing account. When it comes to setting up a merchant account, you need to approach one of two banks: either a merchant account provider or a merchant bank. You must be aware of the fees involved with credit card transactions. Note: We offer the lowest fees in the business. However our competitors are often charging much higher fees. The following list shows what may be charged for processing credit card transactions:
Least Expensive Rates and Fees
- Rates for credit card processing accounts will range from 1.8% to up to 10% per transaction depending on the nature and risk of the business. Each rate is determined by the nature of your business. To get a rate quote please fill out our simple getting started form.
- All credit card transactions come with a transaction fee of .20 cents to $1.00 each depending on the credit card merchant company.
- Charge back fees usually range from $25 to $50.
- Credit card refunds cost 50 cents to $1 each.
- Wire transfers to an account cost $35 to $50.
- Many merchant banks set a minimum amount that you will pay per month of $25. So even if you tally up a total of $15 per month in fees, if your minimum is $25, you will be paying the extra $10 regardless.
- Some merchant banks or merchant processing companies require you to pay a fee to receive a statement at the end of the month that usually ranges from $5 to $20.
High Risk Merchant
If your domestic business is high-risk (adult content, high priced items, travel, international sales, etc.), your fees will be higher sometimes up to three to five times more. If you are selling a product or service that is considered high risk, you should look around carefully for your credit card processing account to ensure you are getting a rate that will not eat up your monthly profit.
When you are shopping for a domestic processing bank, look for banks that give you access to their system so that you can check your statement regularly. Look for a company that makes daily payouts so that you are not waiting weeks to receive your credit card payments from American Express, Discover, MasterCard, or Visa. You should also stick to banks with secure servers, fraud protection, low fees, and those that work with the shopping cart system offered by your web hosting provider.
Selecting a Service Provider
Once you’ve made your decision on the merchant services you need. If your personal credit history is poor or bad (500s-600s) you may find less banks willing to underwrite your business for credit card processing. You will need to provide the company with proof of your age (you must be eighteen or older), a mailing address within the United States, your tax information, business references, and a business related email account. Our company will use this information to approve your account and then work to get the service set up quickly. After they’ve emailed you that the account is set, go in and look it over carefully to make sure they have not made any mistakes in the information listed in your account.
As customers make credit card payments with you, your merchant processing bank will then contact American Express, Discover, MasterCard, or Visa for payment. This process usually takes a day. Then the money, less any fees, is deposited to the bank account you have provided. A merchant processing system makes it easy for you to quickly earn the money that shoppers have spent in your store or e-commerce site.