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A merchant account is required to accept credit cards using FreeCreditCardProcessing.com. A merchant account is a special account with a bank that is a member of the Visa and MasterCard associations. Such a bank has been certified by Visa and MasterCard associations and can provide you, the merchant, with all of the services related to your merchant account.
Business Types
Retail - This type of merchant account applies to credit card transactions where the customer is present. Perfect for retail storefronts, restaurants, hotel & motel, malls and kiosks, service businesses & more! Your rate for these transactions are 1.79% plus .25 cents per transaction.
Keyed Transactions - Card not-present transactions are hand-keyed into the free Nurit 2080 credit card terminal we provide for your business. Keyed credit card transactions are those orders via phone, mail, fax, or internet. Your rate for these transactions are 2.35% plus .30 cents per transaction.
Wireless - Using the Comstar Mobile Merchant or the Nurit 3010 terminal, you will qualify for card-present transaction fees by processing your transactions via a wireless connection, similiar to your cellular phone. Great for flea markets, service businesses and trade shows. Your rate for these transactions are 1.79% plus .25 cents per transaction.
Internet/E-Commerce Processing - Card not-present transactions processed in real-time via an Internet Payment Gateway and/or Internet Virtual Terminal. Your rate for these transactions are 2.35% plus .30 cents per transaction.
Understanding your merchant provider’s rates and fees - All banks and merchant providers require "transaction fees" from you for accepting credit cards. Typically, these fees are broken down into 3 categories: a discount rate, a transaction fee, and monthly fees. For the bank's purposes, a transaction is usually defined as any communication between you and the processing network. A "credit" transaction is treated the same as a regular transaction. Settling a batch is usually considered a transaction as well, as it involves communication with the processing network.
Discount Rate - This is the percentage of the total transaction amount that the bank will usually deduct prior to transferring your deposit into your bank account. Typical discount rates range from 2.5% to 5%, depending on your type of business and other factors. A higher rate may be charged on individual transactions if the transaction doesn't conform to certain qualifications, as described by your bank or merchant provider. For instance, accepting a "Visa Business Card" credit card may cost you 1% more than regular transactions. The reasons for these non-qualified transaction surcharges and complete details on all transaction qualifications should be discussed with your bank or merchant provider. Address Verification (AVS) may also fall into this category when not used properly. Address Verification (AVS) is described below.
Transaction Fees - This is a flat amount that you pay for each transaction. Typical transaction fees range from 30 cents to 50 cents per transaction.
Monthly Fees - These are fees charged for other account related services, such as customer service, your monthly statement, network access fees, and minimum monthly fees.
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