Merchant Account Hidden Fees

When the merchant and merchant account service provider are discussing the various credit card processing rates and fees they are very often quoted with low credit card processing rates to grab their attention. Unfortunately, and similar to the free credit card terminal machine scheme, the merchant is only educated about the very lowest credit card processing category that will be applied, not all of the other categories for the different types of credit cards.

When hearing the first set of credit card processing rates and fees, the merchant is extremely happy to learn about the good deal they are getting on the front end fees. The discount rate, transaction fee, and monthly statement fees are very reasonable. What most companies fail to disclose is that the merchant will be charged higher rates for processing certain types of credit cards and additional fees that may be applied if they do not meet all requirements stated in the fine print.

These fees are industry standard and no bank or credit card processor is exempt. A list of hidden fees with explanation follows: