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 Payment Gateway Providers | 5 star processing The best payment gateways serve as the online version of a payment terminal and front-end processor for online and mobile sellers. They frequently sell packaged services that include payment acceptance, information reporting, and fraud management. Insider Intelligence expects that as worldwide retail e-commerce volume keeps on rising, the revenue the organizations processing these payments can collect as expenses will increase from $82 billion in 2018 to $138 billion in 2024. Besides, payment organizations, merchant accounts, and customers are moving to digital, which is giving gateways more influence. In the US, e-commerce sales added up to $146.2 billion in Q2 2019, making e-commerce almost 11% of retail overall. Considering this, it's justifiable that more gateways will need to get a piece of the pie. Yet, as additional organizations pour into this space, it will make hard choices for merchants. Which payme...