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Merchant account
A merchant account allows a business to accept credit cards, debit cards, gift cards and other forms of payment cards. This is also widely known as payment processing or credit card processing.
Merchants, or business owners who receive credit card payment for their goods or services, must apply for a merchant account typically through a merchant bank or msp (Merchant Service Provider). The merchant will typically be established based on several factors. Merchants who own businesses with poor or no credit may find it difficult to establish a merchant account through traditional routes.
Merchant accounts are not free - a variety of charges are involved. Some fees are charged on a monthly basis but most are charged on a per-item or percentage basis. All of the monthly fees are at the discretion of the merchant account provider but the majority of the per-item and percentage fees are passed through the merchant account provider to the issuing bank according to a schedule of rates called Interchange fees, which are set by Visa and Mastercard.
Retail Merchant Account
1.59% - 1.65% processing rate
.20 - .30/transaction
Mail Order / Telephone Order Merchant Account
2.35% - 2.60%processing rate
.25 - .35/transaction
Internet Merchant Account
2.35% - 2.60%processing rate
.25 - .35/transaction
$50-$300 for initial Software Setup
$15 - $50/month for internet gateway fee's
ARU Account
2.55% - 3.00%processing rate
.55 - .65/transaction
Wireless Merchant Account
1.59% - 1.65% processing rate
.20 - .30/transaction
$20 - $35/monthly wireless fee
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