If you’re just starting a new business you probably already know that you’ll need to get a merchant account. But do you know what to look for when you are comparing different companies? In this article we’ll take a look at a few different merchant account fees you’ll see so you can make a fair comparison.

Setup Fees: These fees can range all over the place. I’ve seen some companies that will waive this fee under certain circumstances, and others will charge several hundred dollars. So watch out for this one!

Transaction Fees: Every time you process a transaction there will be a fee attached to it. These fees are usually two fees in one. The first is a flat rate, such as $0.25. The second one will be a percentage of the transaction such as 2.9%. This is another great way to compare companies. Also be aware that as you process more and more transactions a month you’ll probably be able to renegotiate this rate.

Statement and Other Monthly Fees: There are several monthly merchant account fees that you’ll run into. Some of the standard ones are statement and gateway fees. These fees range all over the place. Some companies have decided to make this a yearly fee rather than a monthly fee.

Processing Limits: Another problem you run into from time to time is a low processing limit. If you have a limit on your account and need to process more in a given month you’ll usually have to renegotiate with the merchant company. Look for companies that either just grow with you or have a realistic limit that you can work with.

So there you have it. These are some of the main fees you’ll see. There are others as well, so take everything into consideration when doing your comparisons. If you pay attention to these different merchant account fees as you’re comparing companies you’ll be able to get the best deal.

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