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Batch Header Fee – At
end of each day, you will either close out for deposit, or your merchant account will automatically be set up to close out for deposit. Once this is done, funds will travel through ACH system electronically to deposit funds in your checking account. The batch header fee is applied for each batch closed out for deposit.
Wireless Access Fee – This fee is assessed for merchants utilizing a wireless terminal. Wireless access will allow you to process transactions through wireless network, rather than processing transactions through a telephone landline. There is also a set-up fee for wireless network with will range in cost from $35.00 - $50.00. Once a transaction is completed through wireless terminal, it travels through wireless network for processing. A monthly fee is associated with this. This fee will range in cost from $12.00 - $25.00 depending on your merchant provider.
Gateway Access Fee – This fee is assessed for merchants utilizing Internet processing or a virtual terminal. Once a transaction is completed by customer on your website, or through your virtual terminal, it travels through Internet gateway for processing. A monthly fee is associated with this. This fee will range in cost from $20.00 - $50.00 depending on your merchant provider.
Statement Fee – This is monthly fee for statements, reports, customer support and service costs associated with your merchant account.
Monthly Minimum – Most merchant providers access a monthly minimum associated with your Visa/Mastercard merchant account of $25.00. In other words, if you processed $1,000.00 in sales and your discount rate is 2.39%, your total amount of discount fees would be $23.90. However, monthly minimum is $25.00. You would pay an additional $1.10. Should your sales exceed monthly minimum, monthly minimum would not apply.
Annual Fee – Some merchant providers will charge an annual fee for your merchant account. These annual fees can range in cost from $50 - $195.00.
Termination/Cancellation Fee – Most merchant providers have a policy regarding termination/cancellation fees. These fees range in cost from $75.00 all way up to $1,500.00. In addition there is a specified time period to remain with merchant provider – from 12 months all way up to 36 months. It is important to understand this and have this fee clearly in writing before signing your merchant agreement. A huge cancellation penalty can be very costly.
