Thanks to Bob Angus from PayPal for sharing this great Top 10 list of questions to ask a potential payment processor. Read it, copy it, use it and avoid hidden fees!
10 Pricing Questions to Ask a Potential Payment Processor
- What are the rates, or additional fees that will be charged when I accept the following cards? Corporate, Business, Signature, Rewards, etc.
- What are the rates, or additional fees that will be charged when I key enter a credit card, or accept a credit card online?
- What is your gateway fee and your authorization fee? Do you charge additional gateway fees and/or authorization fees?
- What fees are charged when I refund a transaction? Do I get any of the original fees paid refunded to me?
- Is there a contract term? If so, what is it? If I close my account prior to that term, what are the fees associated with the early termination?
- Do you do any billbacks or are all charges related to all transactions billed in the same month? Or is it possible that I pay more fees for same transactions in two separate months?
- What is your statement fee and web access fee?
- Is there a monthly minimum processing requirement and/or fee?
- Do you charge an annual fee?
- Do you charge a PCI compliance fee?
For more information about avoiding hidden fees, watch Bob's full webinar HERE.