Chosen by Asker

There are several things to take into consideration when looking into a merchant account. First you need someone who will take the time to find out more about your business and design a pricing schedule that will give you the lowest rates possible for your business type. For example: If your average sale is $50 or more, the % rate holds a higher value than the Transaction fee. However, if your average sale is aroung $10, you should look for a low transaction fee and a slightly higher %. There are also different pricing structures for the type of cards you take. If you take more Business cards than personal cards, you should have a different pricing structure than a business that takes only personal cards. How you accept cards is also an important factor? You should not be on a retail pricing plan if you are taking all of your cards by phone or mail. We chose OmniTranz because they took interest in our business and gave us the best pricing plan for business cards and Mail Orders. We were offered a 1.29% rate with a $0.25 transaction fee. Which looked a lot better than OmniTranz's 2.20% and $0.25 transaction fee. That is until OmniTranz pointed out that the 1.29% rate is only good for swiped cards, and that we would be charged an additional 1.75% for our business and mail order cards. With OmniTranz we get the 2.25% only for our mail order cards. Thats a whole 1% difference. Thats the kind of service they offer. You can contact them here: www ... Hope that helps.

by Cliff P

2 years ago

Asker's Rating: 

How much they charge for set up fee, monthly fee, transaction fee, commission and if there is a monthly minimum amount that must be charged each month. For example a 2% discount rate means that for each $10 charged on a credit card you will pay the credit card company $2. At this time I would suggest Google checkout. Until the end of the year Google is not charging fees of any type.

by Marian K. (celebrate-family.com)- 2 years ago

The discount rate is a financial concept based on the future cash flow in lieu of the present value of the cash flow. The divisor in the discount rate formula is the resultant future value, including income. The concept of a discount rate differs from that of an interest rate, most notably in that the divisor in the interest rate formula is the original investment.

by raniokoye- 2 years ago

I accepted them in my small business and I can tell you they vary greatly. AMEX is around 3.5%, the cheapest you generally get is about 2.5% but that is if you do the transaction at the point of sale. Also if the cards are benefit type of cards, they carry rewards to the user, the rates that you are charged goes up. I used First National Processers for my credit card transactions. They also sell the machines that you need. They charge a small fee based upon your volume.

by William- 2 years ago

creditcard ... has excellent info related to dealing with credit cards. Check it out!

by binder- 2 years ago

"pitfalls soon": if you are late in them payment (nonpayments the monthly minimum) the interests is high. I found interesting information about your answer & credit card options here. all-debt-consolidation-loan ... luck!

by Rony- 2 years ago