Fees associated with a merchant account
Cancellation fee: It is charged when you send your contract with an online merchant account before the due date of your contract. Not all the providers require a contract, but those who have this police ask for cancellation fee.
Chargeback fee:
When money is returned to the customer. This fee is initiated by the bank of your customer, often because of fraudulent transactions. Chargeback is one of the reasons why merchants around the globe lose thousands of dollars. It is a fee that merchant account providers take for processing the chargeback request.
Gateway Fee:
It is a monthly fee to keep your merchant account. This fee is charged to maintain your online merchant account. Some online payment gateways don’t charge money, while others may charge as much as $20.
Monthly minimum:
This is the amount your account is required to process on monthly basis. The fee is charged to maintain the account, but if you don’t exceed the minimum, then merchant account providers will charge you accordingly.
Statement fee:
A statement fee is charged by all the online merchant account providers. This fee is associated with your statement and it is taken at the end of the billing cycle. You will pay between $7 and $10. It is charged when you get a paper base or paperless statement.
Transaction fee:
As the name suggests, it is a fee that is charged every time a transaction is processed. Usually, it is between 20 and 25 cents. This fee remains same no matter how big the transaction was.
Merchant Stronghold understands that your Identity Restoration services require customized account so that you can run your business flexible. Keeping the needs of your business into consideration, we have designed a system that offers minimum fees and maximum benefits. Above mentioned fees are charged by many companies, but we have our own set of rules, you can contact us and we will inform you how much you will be charged.
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