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Beware of Fees in the Fine Print: Eight Questions to Ask Your Credit Card Processor

In a Veritrans agreement, ALL of our fees are listed on ONE page, in plain English. Other credit card processing companies, however, may hide fees on various pages throughout the contract. By asking the following questions, you should have a more accurate understanding of the fees they charge and additional charges you may incur.

  1. What is the term of your contract and the early termination fee?
  2. Do you have a monthly minimum fee?
  3. Is the “low rate” you quoted me the total cost of ALL credit and debit cards?
  4. What is the exact rate I will be paying for the “Key Entered” and “Business Card” transactions?
  5. What is the transaction fee and is there ever an additional transaction fee?
  6. Is there an annual fee or semiannual fee?
  7. What are the processing rates charged for reward cards?
  8. Do you charge a fee for exceeding estimated monthly volumes?

Free Consultation

For a free analysis and recommendations for the products and services that will best suit your business’ needs, call 1-866-474-4144 or email us today.

5 Hidden Fees to Avoid

No two service providers are alike. Before you sign a contract always ask for full fee disclosure.

  1. Cancellation Fees. Too often, customers don’t receive the savings they were promised or experience a decline in customer service once they’re locked into a contract. But high cancellation fees – ranging from hundreds to thousands of dollars – prevent them from switching providers. Don’t let these fees prevent you from receiving the quality service you deserve. Ask about cancellation fees before you sign anything.
  2. Monthly Minimum Fees. Many merchant companies charge a monthly minimum processing fee. You can avoid this fee, in many cases, by meeting or exceeding the collected transaction and discount rate fees. For example, if your monthly minimum fee is $25, the collected transaction and discount rate fees must equal or exceed $25 per month. By processing more than this amount, you should be able to avoid this fee altogether. If your processing volume will be low, it may be better to pay a slightly higher statement fee and have no monthly minimum fee.
  3. Double Transaction Fees. These include things like “sales item fees” and “POS watts fees.” Sometimes these fees are broken into different terms and found in different locations of the contract and statement. Always review your bill carefully and understand what you’re being charged for on each bill.
  4. Multiple Monthly Fees. While many merchant account services require a statement fee, some providers include additional charges such as Customer Service Fees, Debit Access Fees, Help Desk Fees, and PCI Compliance fees. These fees are often unnecessary and always costly.
  5. High Monthly Volume Surcharge. Some providers charge an additional percentage on top of your normal discount rates, based on volume processed above your estimated monthly volume. Learn the details before you sign any contract.

Free Consultation

For a free analysis and recommendations for the products and services that will best suit your business’ needs, call 1-866-474-4144 or email us today As always, if you decide to switch to Veritrans, we’ll reprogram your hardware at no charge.