Not
all monthly minimum processing fees is the same from one company
to another. The standard in the industry is $25.00. What is
not standard is how they are calculated. This fee is imposed if your
credit card charges (discount rates) do not add up to
monthly minimum amount. For example if the monthly minimum
is set at $25 a month and the discount fees came to a total of $20, the company
will add $5.00 to make up the minimum. Again the way this
is calculated and what fees are applied to the minimum is not
the same from one company to another. Typically when
a merchant processes $1250 in credit card volume at an
overall effective rate of 2%, they will meet the $25 monthly
minimum processing fee. See below a copy of a statement where this
business processed over $10,000 and still there was charge for minimum
processing fee of over $24. When shopping and comparing services, don’t
just asked about one rate, peel back the onion, look at the total cost and all
the fees.
If you have any question about this,
please feel free to contact us at
info@tampabaymerchantservices.com or call 727-916-7294
