How the Merchant Account Service Fees Work

A merchant account service provides their clients with all of the tools and technologies for them to accept credit card and electronic check payments. They usually provide all of the equipment for free, when their clients set up their accounts. They then charge a transaction fee that is usually a small percentage of the sales. This is variable depending on which the provider is, but it is usually in the range of 1% to 2%. This commission may be levied in conjunction with a set fee that is charged for every transaction.

Transaction Fees

Businesses can receive numerous benefits when they choose to open an account with a merchant account service. The transaction fee that is charged varies with the particular provider, but it is usually no more than 2%. They also provide a way for their clients to increase their revenue streams, as they provide all of the tools and technology for their customers to accept most of the major credit cards.

Approval and Applications

Many of these providers ensure that their application and approval process is easily accomplished. Businesses only need to fill out a simple questionnaire that should only take about five minutes. These can easily be found on most of the provider’s web sites. They will then be able to start processing payments in as little as 24 hours from most of the providers. iTransact is one of the leading providers in this industry, and they enable their clients to save as much as 25% on the commission that is charged by those in this industry.

Equipment and Processing

Businesses and other organizations can also take advantage of all the benefits that are offered when they choose to enrol in the services that are offered by a merchant account service such as iTransact. They provide all of the software and equipment that a company needs to enable their customers to pay for their goods with a credit card. These products are available for a physical store as well as any organization that is engaged in e-commerce.

Companies can now choose to increase their revenue streams when they accept credit cards for online and in person payments. They can rely on great prices when they use these providers and will only be liable for a small percentage commission that is based on the sale. Most providers offer all of the software and equipment that is needed for their clients to begin accepting payments today.