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What to Know About Payment Processing Companies

You can check reviews of payment processing companies, but you may find that they are biased because they are written by one of the processing companies that they are reviewing. It is OK to look over these reviews for some base information, but you may want to find out more information on a company that manages merchant accounts before you sign up with them.

Here’s some information you need to find out about a payment processing company before you sign up with one of them:

COMPANY APPLICATION

* Online/digital application option

* The average approval rating

* Amount of paperwork required

* Length of time for account set up

REQUIRED MONTHLY FEES FOR ACCOUNT PROCESSING.

* Gateway fee requirements

* Monthly statement fees

* Fee if monthly minimum isn’t met

TRANSACTION FEES FOR ACCOUNT PROCESSING Payment Processing Company

* The average percentage kept by processing company (discount rate)

* Retail discount rate

* Internet discount rate

* Transaction fees fo

* r Internet and retail processing

* Address verification fee

All these fees may seem a little scary at first. You may even feel that they are unnecessary and the payment processing company is trying to take advantage. As you research the different processing companies, you will see that the fees are common, but the amount of the fees will vary. When talking to various processing companies, you will find these fees are common. Be wary of a company that skirts around questions regarding fees. Make sure you get a straight answer and can get it in writing if requested. Don’t be afraid to take an offer of having the fees in writing. It will also come in handy when comparing the different companies that offer processing services. As with any offer, if it sounds too good to be true, it probably isn’t true.

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