Are you looking for a good deal on your merchant account for credit, debit and electronic check verification? Have you been attracted to offers of “rates as low as 1.39 %?” Have you read between the lines of these companies that offer you low rates and cheap equipment? You know you are going to pay for it somehow!
Veritrans wants you to know that many of these companies offering discount merchant accounts don’t always give you the true story. They often try to lock you into contracts with lots of restrictions and hidden fees.
Five Fees to Avoid with So-Called Discount Merchant Accounts
Here are five ways “discount” companies pile on the fees, depleting the savings promised in their “low introductory offers” and “cheap processing rates.”
- Cancellation Fees – Before you go get locked into a contract for a merchant services, always ask about cancellation fees before you sign any documents.
- Monthly Minimum Fees – Many companies charge you a monthly minimum processing fee if you don’t meet a certain level of transactions. Seasonal merchants should be aware of this type of fee, because you may have to pay fees even when you aren’t making transactions.
- Double Transaction Fees – These fees are often hidden behind clever terms such as “sales item fees” and “POS watts fees.” Be sure to review your monthly statements for terms you don’t understand. Demand explanation of any fees you don’t comprehend.
- Multiple Monthly Fees – Beware of companies that ask you to pay service fees, debit access fees, help desk fees and PCI compliance fees. These are often add-on fees and they always take more money out of your pocket.
- High Monthly Volume Surcharge – Some merchant account companies add an additional percentage surcharge to your estimated monthly transaction fees. Be sure you understand this completely before you sign a contract.
Veritrans wants you to know they are about integrity and up-front pricing. We’ll even review current contracts, confidentially, to see if you can save money on your current discount merchant account. Contact us today for a no-cost, no-obligation review of your business account. Call us at 1-866-474-4144 or email info@veritransllc.com.
