New Topic
Post Reply
Follow Topic
DO NOT OPEN A MERCHANT ACCOUNT UNTIL YOU READ THIS!
If you are a business owner seeking to accept credit cards as a form of payment from your clients or if you already accept credit cards today, you must read this!
Many business owners find out too late that the fees that they were presented with for their merchant account are NOT what they end up being charged. Often they do not find this out until they receive their first statement! DO NOT fall into this trap.
You want to deal with a company who leads with their best foot forward the first time. When searching for a merchant account provider make sure not only are they disclosing their best deal, but they are indeed disclosing the material facts!! When you shop for your merchant account, see what information they give you without you having to ask about something. Typically all they quote you is a rate, transaction fee and monthly fee. What about the other fees? At that point, you should feel betrayed, as they did not keep your best interest at heart. DO NOT sign up with another company if they do not disclose the fees below! You will be surprised how many DO NOT disclose these fees up front and how much they charge without you asking.
Make sure you find out the following fees:
Application/Set Up Fees
Qualified Rate
Midqualified Rate
Nonqualified Rate
Transaction Fee
Batch Header
Monthly Minimum
AVS
Interchange Pass Through Credit/Debit
WATS/Auth Fee
Annual Fee
Monthly Basic Service/Statement Fee
Contract Term
If someone tries to set up your account without mentioning these fees, check your paperwork closely, you`ll be surprised how much you weren`t told!
I wish you all the best with your ventures! Hope this information helps some of you, and business owners who can relate, please share your experiences so that new business owners can avoid the pitfalls that some of you may have experienced.
If you are a business owner seeking to accept credit cards as a form of payment from your clients or if you already accept credit cards today, you must read this!
Many business owners find out too late that the fees that they were presented with for their merchant account are NOT what they end up being charged. Often they do not find this out until they receive their first statement! DO NOT fall into this trap.
You want to deal with a company who leads with their best foot forward the first time. When searching for a merchant account provider make sure not only are they disclosing their best deal, but they are indeed disclosing the material facts!! When you shop for your merchant account, see what information they give you without you having to ask about something. Typically all they quote you is a rate, transaction fee and monthly fee. What about the other fees? At that point, you should feel betrayed, as they did not keep your best interest at heart. DO NOT sign up with another company if they do not disclose the fees below! You will be surprised how many DO NOT disclose these fees up front and how much they charge without you asking.
Make sure you find out the following fees:
Application/Set Up Fees
Qualified Rate
Midqualified Rate
Nonqualified Rate
Transaction Fee
Batch Header
Monthly Minimum
AVS
Interchange Pass Through Credit/Debit
WATS/Auth Fee
Annual Fee
Monthly Basic Service/Statement Fee
Contract Term
If someone tries to set up your account without mentioning these fees, check your paperwork closely, you`ll be surprised how much you weren`t told!
I wish you all the best with your ventures! Hope this information helps some of you, and business owners who can relate, please share your experiences so that new business owners can avoid the pitfalls that some of you may have experienced.
If there is anything I can do to help any of you with your merchant account needs, please don`t hesitate to contact me.
Oliver
-------------------------
Oliver Mupas
United Bank Card
866-207-6007 ext 303
omupas@ubcnetworkonline.com
