Understanding Merchant Account Fees: A Comprehensive Guide Introduction Let's face it: merchant accounts can be confusing. There are a lot of different types of fees, and you're not always sure what they'll cost. To make things even more difficult, different providers use different terminology to describe their rates. But as a merchant account provider ourselves, we know how to help our clients navigate these waters. We want to share some of our knowledge with you so that you can learn about merchant account fees—and how to avoid getting caught up in traps that could cost your business big-time money! What are merchant account fees? Merchant account fees are the costs associated with accepting credit cards. They can include interchange, assessment and monthly fees. Interchange: This is the price you pay to your processor for every transaction that goes through their network. It's regulated by Visa, MasterCard and American Express. The fee varies depending on which card...
Payment gateway providers A payment gateway provider is an e-commerce service that processes online payments for online as well as offline businesses. With the help of these payment gateways, you are able to accept payments by transferring key information from the merchant websites by issuing banks, card associations, and online wallet players. Payment gateway provider plays a vital role in the online transaction process, which is the realization of value and hence is seen as an important pillar of the e-commerce businesses. What are the basic requirements for becoming a Payment gateway service provider? For getting a payment gateway license, one needs to fulfill these basic requirements such as – . Your company must be registered under the Company Act, 2013 . Should have at least two members or directors in the company . Company business plan of at least five years . Address proof of the business . Service Tax Registration Number . Compliance with PCI DSS If you are planning to s...