Rates for Mobile Merchant Credit Card Processing
Rates for mobile merchant credit card processing usually do not
differ dramatically from rates for in-store credit card processing. This
is because the processing isn’t that different: even though your
business and the credit card terminal are mobile, you are still swiping a
credit card for payment. Find out what your expenses will be if you
decide to take your payment processing mobile.
The Merchant Account
you’re a merchant who has owned a store that hasn’t moved in fifty
years or you just opened a mobile business, you need a merchant account
to accept and process credit card payments. Opening and maintaining that
merchant account does, of course, cost money. However, unlike other
types of accounts, merchant accounts have several different rates that
you must take into account when deciding whether or not you want to take
on the expense of processing credit cards.
One-Time Fees for Mobile Credit Card Processing
account providers may charge you a couple of one-time fees when you
open a merchant account. These fees include an application fee to check
your company’s credit history and a setup fee for opening up the
account. However, not all merchant account providers charge these fees.
Some will have the fees, but will offer to waive them, while others will
only charge one or the other.
merchant account providers charge two types of monthly fees for mobile
credit card processing. The first is the monthly account fee that you
will pay simply for maintaining an account with the provider. The second
is the monthly minimum fee. You will only pay this fee if your
transaction fees don’t end up surpassing whatever the minimum is for
Fees for Every Transaction
most important rates you need to take into account with a mobile
merchant account are the fees you will pay for every credit card
transaction. The first is the discount rate which is simply a percentage
of every transaction you make. Because it is a percentage of the sale
and it occurs with every transaction, this rate can add up fast. The
other transaction fee for credit card processing is called the “per
transaction” fee. Rather than a percentage, this is a flat rate for
Comparing Rates and Services
choosing a merchant account provider for mobile processing, an
important factor is, of course, the rates, but make sure you’re getting
the services you need for those rates. Always compare a few merchant
account providers before deciding on one. First, you’ll want to compare
the discount rates: if you’re making a lot of credit card sales, you’re
making a lot of money for your business, but you’re also spending a
percentage of that money on your discount rates. Make sure the discount
rate is one that your company can afford. Second, don’t overlook the
one-time fees. When you’re starting a new company, a high setup fee for a
merchant account is an expense that you might be able to avoid. Last,
don’t just concentrate on the rates. You’re paying for the services,
including customer support. Confirm that your merchant account provider
has reliable customer service that is available during the hours that
you might need it.
difference in rates for mobile credit card processing is the equipment.
Wireless credit card terminals usually cost more than traditional
terminals and if you need more than one, that cost can quickly go up. To
save money, talk to your merchant account provider about any deals they
may have on wireless terminals. Some providers will even offer you a
free terminal when you open an account.
Every business has to
consider the cost of doing business and credit card processing is no
exception. When you know what you have to spend, you can make a more
informed decision on the provider that is right for you.
Find more information about mobile credit card processing from North American Bancard:
Mobile Credit Card Processing Equipment
Learn about the equipment you need for mobile credit card processing, including important features and accessories.
The Businesses that Need Mobile Card Processing
Not every business needs mobile card processing, but most businesses can benefit from it. Learn more in this article.