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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? Ask them to point it out, on the agreement
  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?
  9. What is you PCI fee, is it monthly or annual?

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