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The Real Deal on Payment Processing – accept internet credit card transactions .com
The Real Deal on Payment Processing

The Real Deal on Payment Processing
Regardless of which companies you interview as prospective merchant
processor for your payments, be sure to ask the following questions:
1. Find out the total Setup Costs involved. Confirm specifically what the grand
total upfront costs will be, including any initial costs that you will incur during the
first few months of processing.

2. Find out the total Monthly Costs that apply. In particular, you will want to
ask about any “monthly minimums” that might apply. This can often add
$20-25/month in additional cost. Be sure to ask “if I processed $0 in sales, what
would my grand total monthly billing amount be?”

3. Find out if there is any Annual Fee or Annual Cost. Some processors
charge an annual fee after just the first 1-2 months of service. Others charge
fees as high as $95-$150/year and place this in the fine print of the contract.
4. Find out the Per Transaction Costs in Detail. You will want to make sure
that you understand the “Per Trans/Item” costs as well as any AVS, batch
header or gateway per transaction items.
6. Ask what “Downgrade Fees” apply. It is not uncommon for some accounts
to have 3 Tiers – Qualified, Mid-Qualified and Non-Qualified. Unfortunately, there
are often *many* transactions billed out at the Mid-Qualified level which can
significantly impact your total cost. A 2 Tier program is thus preferable but be
sure to ask what % of transactions are billed at each level statistically.
7. Ask how Chargebacks & Risk Management issues are handled. This is a
*critical* operational area that effects many merchants and any company should
be able to tell you in great detail how it handles these kinds of issues. For
instance, do they automatically notify you via e-mail? Or merely mail out
rebuttals in U.S. mail which can delay your ability to return a rebuttal?
8. Do your Due Diligence and see what other merchants have experienced
using that processor. Remember, the best predictor of future results is a
processor’s current track record with the majority of its merchants!

Visit CDGcommerce for additional tips or for more information on processing credt cards online