If you’re launching a new business and want to accept credit cards, you will need to select a merchant account services provider. However, one of the most frustrating things about merchant service companies is the hidden fees. In fact, many business owners complain about these fees, because most merchants are not open about them until it’s too late. Before you select a credit card processor or merchant services provider, use this guide to avoid paying more than you have to for each transaction.
Setup or application fee: While some companies consider this as the same service, others charge separately for a setup fee and an application fee. Both setup fees and application fees can get pricey, but they shouldn’t be. For example, Solid Trust Pay offers free account setup, with a $39 application fee.
Customer Support fee: You would think that customer support is part of the deal when you sign up for merchant services. But many companies charge a separate fee for customer support. Read the fine print and select a company such as SolidTrustPay that offers free programming consulting and assistance.
Equipment fees: Depending on the type of merchant account that you need, you will also require equipment and software. Surprisingly some companies charge hefty fees for equipment such as point of sale terminals and software such as online virtual terminals for online credit card processing. However, SolidTrustPay.com offers free virtual terminal for manual card online payment processing.