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...
High-Risk Merchant Account Instant Approval High-risk merchant accounts are those which are rated higher on the risk factor in the business world. In today’s high-tech world, each businessman looks for approval from the merchant company’s so they can use an online payment platform as a form of collecting amounts, but these high rated firms do no generally get instant approval. Many firms assure that they provide instant high-risk merchant approval however, It may still take up to 48 hours or more depending upon the documentation process. What is a high-risk Merchant account? - Any business that may have a potential risk of failing financially. - Online businesses, IT industries, the firearms industry, any firm dealing in customer data may be termed in this category - This account is easily available to low-risk firms Factors that affect the approval of a High Risk merchantaccount There are many factors that affect the approval, Minimum number of days that it takes for...