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Got Credit Card Debt? Try Transferring Your Balance
By Andrew
If you currently hold debts on one or more credit cards and you’re having trouble paying them off, switching to a new card with a low balance transfer rate could save you a lot of money. By Read more...
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Evaluating Credit Card Processors And Their Fees
By Charles
If you are starting or currently operating a business you are aware of the importance of accepting credit and debit cards. Nearly 80% of commerce today is done in a noncash form while online businesses are accepting credit and debit cards for over 90% of their business.
Where does someone start when looking to open a merchant account (credit card processing account)? There are hundreds of companies on the internet that currently provide these services in an unregulated industry. Companies such as Internet Merchant Accounts and High Risk Merchant Accounts are BBB members which provide retail and internet solutions.
One of the most confusing sections of merchant accounts are their fees. There are nearly 10 different fees plus the rates. The fees and rates are higher if you are accepting cards over the phone or on the internet. This is because there is a heightened risk of fraud. When applying for a merchant account there are several portions of the application that are related to your business. The first part will be what goods or services your business provides. This will follow by the length of ownership, your estimated monthly volume, your typical sales amount and estimated highest ticket amounts. Processors will also require a percentage broken down into how many transactions you process face to face or over the phone/internet.
The fees involved which merchant accounts consist of; transaction, ACH, Decline, Annual, Chargeback, Early Cancellation, Minimum Monthly Discount and Statement.
A transaction fee is a flat fee for each transaction. Usually $.20-$.30. ACH fees or batch fees are daily fees for everyday that you have processed cards. For example if you are open Monday- Friday and process cards everyday you are open, then you will be charged an ACH fee each day (Monday-Friday) which is usually $.25-$.30. If you are closed one day and process no cards then you will not have to worry about the ACH fee on that day. A decline fee is a fee that is charged (usually $.25) for every card that is declined. An
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When Is The Best Time To Use A Low Interest Credit Card?
By Jon
The resident financial experts will tell you that there are times when one credit card is better than another. They offer different features, and many are Read more...
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How To Seek And Find Relief From Debt Through Credit Card Debt Consolidation
By Gibran
This article explains the many advantages of consolidating your debt by resorting to a debt consolidation loan. It also explains the disadvantages so you are Read more...
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