Thursday, June 9th, 2022
To process a credit card, you need to pay certain fees. You’ve probably heard of hidden fees? What are these? How can you spot them? Who can help you with Payzone hidden charges? No worries. Just read the article below to get answers to these questions.
Credit Card Processing Fees
Businesses using payment-processing services need to pay credit card processing fees. Specifically, a merchant-account provider can charge you either a flat-rate fee for processing each transaction, a fixed percentage on each transaction, or a fee based on these two when you swipe a card each time.
As a rule, your merchant-account fees fall into two categories: wholesale and markup. You can’t negotiate the first type: you just need to pay a set amount of fee. Interchange and assessment fees are the most common wholesale merchant-account fees.
As for markup fees, you can negotiate them. These are additional costs that come from other parties in a credit-card transaction, e.g., coming from the payment gateway, the payment processor, and the merchant-services provider.
Overall, you should be aware of fees such as transaction fees (1-3% per sale), authorization fees (1-3% per sale), and merchant-service charges (0.25-0.35% for debit cards) among other fees. The amount you’ll be charged depends on more than one factor, including the processor and the card type your customer uses.
How to Discover Hidden Fees
Here are the most common fees associated with credit card processing. Being aware of them, you can spot any hidden fee more easily.
- Transaction fees:1-3%
- Card payment in-person: 1.75%
- Card payment virtually: 2.5%
- Merchant-account fees: £5-£15 monthly
- Service charges: 0.2-0.3%
- Service fees: £10-£15 monthly
- Authorisation fees:1p-3p
- Card machine: £30-£80
- Setup: £100 or less
To gain a better understanding of credit card processing fees and merchant services, consult a credit-card processing expert, such as BestPaymentProvicerd.co.uk. Best Payment Providers UK is a reputable payment-comparison specialist dedicated to offering the most unbiased processor reviews to merchants.
No matter whether you’re interested in Payzone hidden charges or any other credit card processing fees, BestPaymentProviders.co.uk can help you get fast and easy access to the merchant services you need.
How to Discover Credit-Card Processing Hidden Fees
There are several fees you’ll need to pay to process a credit card for your eCommerce business. By knowing the most common ones, you can easily figure out which fees the processor hides from you. Work with a respected payment expert to find the right merchant services for your business.