Accept Credit Card Payments Online: The Possible Discount Rates & Fees You May Encounter

Learning about fees is an important step if you want to prepare your business to accept credit card payments online. The right payment gateway will not only charge low fees but also offer integrated services that will make it easier to manage your business. Are you just starting out and researching payment gateways for the first time? Are you with a gateway that you’re currently unhappy with? Either way, the answers you need are here.

Reputation Is Important: Choose a Trustworthy Company and Read Fine Print

There are many options for credit card processing companies, and it can be difficult to know who to believe. Clever marketing and well-designed websites might make a company look legitimate, but looks can be deceiving. Many companies offer great rates and flashy deals but have something sneaky hidden in the fine print. Don’t let the urge to accept credit-card payments online as soon as possible rush you into making a choice you’ll regret. Look into the details and know what you’re paying for.

On top of a monthly fee for the use of your payment gateway, you may also be charged for:

  • Chargebacks

Chargebacks are the result of a dispute, and regardless of how that dispute turns out, you will still often be charged a fee from the payment gateway.

  • Monthly minimums

Some payment gateways charge you if you don’t reach a monthly minimum in sales. It’s important to find out about this in advance, especially if you were planning on getting your payment gateway up before you expect to be making moderate sales.

  • Statements

You may be charged a small fee for statements. Be sure to include this in your budget.

  • Individual transactions

It’s an industry standard to be charged for every transaction. You will commonly be charged a fixed price and a percentage that may differ depending on the method of payment.

  • Early cancellation

If a company has a minimum contract length, there will likely be a fee for early cancellation. These fees can sometimes be quite expensive, so if you don’t feel comfortable committing to a payment gateway for the required length of time, it’s better to look elsewhere.

Be sure to read reviews and get advice from other business owners who accept credit card payments online before you make a choice. Most of these fees are standard in the industry, but a company should have no problem disclosing them to you. Reputable companies have 24/7 customer support available, so ask all the questions you can think of, and if you still feel confused about exactly what you’ll be paying for, keep looking.

Watch Out for Transactions That Don’t Qualify

Another possible fee you could encounter is the non-qualified transaction fee. Most payment gateways have criteria that transactions must meet in order to qualify for the lowest rate. For example, a transaction involving a debit card might qualify, but one in which the customer used a rewards card might not. Transactions using business credit cards are also usually charged at a higher rate. Be sure to have a firm understanding of the different rates for different transactions before you sign a contact and start to accept credit card payments online.

Allied Wallet: All-in-one Services to Organize Your Business

The services we offer allow us to outshine the competition. With no setup fee, no monthly fee, and a waivable gateway fee, you’ll not only save money, but you’ll also experience a completely integrated service that manages your merchant accounts and accounting software.

You’ll get:

  • The best transaction fees
  • 24/7 customer support
  • No minimum contract and no penalties for cancellation
  • Advanced security encryption and PCI-DSS Level 1 Certification

Allied Wallet is proud to be an innovative company that supports transactions in 196 countries around the world. Contact us now, and let us help you accept credit card payments online. We are excited to play a role in your success.

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