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Payment Processing - Choosing the Best Payment Processor

One of the best ways to choose the right payment processor for your business is to look at the costs and fees of each company that you consider working with. Obviously you will want to find someone with a good reputation in the payment industry that offers secure payment processing, but beyond that the fees are the main thing that sets companies apart in the payment industry. Knowing which fees are charged by each different payment processing service will allow you to better understand how much you’re paying and which services are better based on their rates and charges. After all, having an affordable payment service provider is the ideal solution.

Authorization fees are the most common. Every payment processor charges an authorization fee for every transaction. This fee varies greatly from one company to the next, but averages between 10 and 45 cents. Beware of this charge especially, because even if a card is declined, the charge still occurs. Another common fee of payment processing services is the statement fee. This charge is a flat fee between $5 and $10 in most cases that is charged at the end of each month for the delivery of the transactions statement.

It should be noted here that ACH payment processing services will have lower fees than merchant payment processing services will. By taking the time to compare these options and consider ACH as an alternative form of payment acceptance, you might end up spending less on credit card processing. Now, time to get back to the fees. If you don’t process payments each month that meet the minimum requirements of the payment service provider, you will be charged a monthly minimum fee. This is generally around $25, and covers the maintenance costs for your account as well as a minimal profit to the payment service provider.

Every day, you will be charged a batch fee, also known as a header fee. This fee is for settling the transactions for the day and balancing the funds. When you don’t balance every day, the batch fee rate will increase, so keep up on this. These are the most common fees for online payment processing and other credit card payment processing services. However, you can also expect to see a variety of other fees, such as customer service fees, annual fees, and start up fees. By comparing what different payment service providers charge for these things, you’ll be better able to get an account that you can afford.

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