If you're shopping around for an affordable home business merchant account, you should know that there are several things you should compare before settling on one. Here are a couple of things to look at:
- Setup Fees
Different companies charge different setup fees. I've seen them around $99 and also $700 before, so you'll definitely want to pay attention to this one. Sometimes companies will run promotions for no setup fees, so watch for those as well. - Monthly Fees
Sometimes these are referred to as 'statement fees.' These fees can also range all over the place. Some companies only charge $10 a month, others charge around $30 or $40 a month. There are even some companies that only charge this if you actually use them, but most are going to charge this fee whether you process a transaction or not. - Per Transaction Fee
Anytime you process a credit card you are going to have to pay a small fee. This is how the merchant account company makes money. Usually it is broken down to a flat rate and percentage, like $0.30 + 2.5% per transaction. This is another great way to compare companies. - Other Considerations
Not all home business merchant account fees are set up the same way. Some of them will charge a yearly fee rather than a monthly fee, etc. So if you run into things that are different, try to find a way to make it a fair comparison.
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