Set Rate Charges: Set up Fee = $65.00 (one time only) Gateway Fee = $10.00/mth Statement Fee = $15.00/mth Annual Fee = $25.00/yr

Then multiply your estimated number of transactions by $ .35 per transaction fee. That equals $35.00. Next, multiply average transaction amount ($175) by discount rate of 2.25%. That equals $3.94. You've estimated that you'll have 100 transactions per year, so again, multiply $3.94 by 100 transactions. The total equals $394.00. All that is left is to add them all up.

Set up Fee = $65.00 (one time only) Gateway Fee = $10.00 x 12 months = $120.00/yr Statement Fee = $15.00 x 12 months = $180.00/yr Annual Fee = $25.00/yr Per Transaction Fees = $35.00/yr Discount Rate Fees = $394.00/yr

Total Fees & Charges For One Year = $819.00

Let's look at one other quick example just to show you that looks can be deceiving.

This company offers following rates:

Set up Fee = FREE Gateway Fee = $15.00/mth Statement Fee = $10.00/mth Annual Fee = FREE Per Transaction Fees $ .30 Discount Rate Fees = 2.35% Software Lease = $24.95/mth

Based on our same $175 average transaction and 100 transactions per year, we come out with following figures:

Set up Fee = FREE Gateway Fee = $15.00 x 12 = $180.00 Statement Fee = $10.00 x 12 = $120.00 Annual Fee = FREE Per Transaction Fees (100 transactions x $ .30 = $30.00) Discount Rate Fees = $175 avg. transaction x 2.35% = $4.11 x 100 transactions = $411.00) Software Lease = $24.95 x 12 = $299.40 (an additional fee our first provider didn't charge)

Total Fees & Charges For One Year = $1040.40.

Even with free set up and no annual fee, this company still charges over $200 per year more than first merchant account provider we previewed. Be very careful - word "free" can often times be deceiving.

Merchant accounts can open a world of new business for your company. They can provide a very convenient way for your clients to pay - and for YOU to get your money. However, when you shop for a merchant account, be sure to use a standard unit of measure like we've outlined above to be very sure that you are getting deal best suited for your company.

Diane C. Hughes * ProBizTips.com

After problem was finally resolved, I sent an update letting everyone know what happened. I got back to any emails that I felt needed answering ... this whole thing took almost 18 hours of my time and NO SLEEP for me!

The stress and fact that I had no sleep took it's toll on me. When I got some really rude emails from some angry customers and associates, I didn't take my own advice and let it sit until I calmed down. You know what I did instead? I gave refunds to all of them! I didn't even want to deal with it ... as a result, I refunded over $1000 in sales.

I know, I know ... you're asking yourself, "How could that be a good thing?" Well, it made me get out of my bull stubborn "I'll handle it all" attitude and incorporate some much needed help. Now I have someone to answer those emails, someone to answer those calls, and various other things. What a RELIEF! Why didn't I do it sooner?! :)

If you answered "Yes" to my first question above, heed my advice. Take off those bull horns and find a couple of people that you trust to help with some of your dauntless duties. And if your business is not big enough yet to incorporate help and you're handling it just fine ... don't forget this advice when it grows right before your very eyes ----

Diane C. Hughes * ProBizTips.com