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Categories >>
Banking & Investment >>
Internet Merchant Accounts
>>
Merchant Accounts
>>
Credit Card Processing
>>
Visa Master
Card >>
|
by:
Bret
Morrison -
posted
(or last updated): 8th, January 2009
|
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| Back
to: Internet
Merchant Accounts page |
| |
Description:
Compare Internet
Merchant Accounts
Compare Retail
Merchant Accounts
Compare
Wireless Merchant Accounts
It is highly recommended
that you always negotiate with merchant
account providers and never accept their
first offer. The fees listed below was the
one's I obtained after going back and forward
with them and letting them know that I have
other offers which enticed them to reduce
some of their fees. When they are not willing
to negotiate any further, then you can show
them (or fax them) what offers you are getting
elsewhere. They will have no choice but
to reduce theirs again. Also, make sure
you get it in writing.
Compare Internet
Merchant Accounts:
| |
Payment
Tech |
Costco
Merchant |
Credit
Card Processing |
 Elavon
(Nova)
|
Advanced
Merchant |
| |
|
|
|
|
|
| Type of merchant account service |
Internet |
Internet |
Internet |
Internet |
Internet |
| Visa/Mastercard Merchant Discount
rate |
1.97% |
1.99% |
1.92% |
2.1% |
1.89% |
| Visa/Mastercard Mid-qualified rate
|
2.99% |
2.95% |
2.64% |
2.75% |
2.65% |
| Visa/Mastercard Non-qualified rate
|
3.19% |
3.25% |
2.99% |
3.19% |
2.99% |
| Transaction fee (per transaction) |
$0.20 |
$0.27 |
$0.25 |
$0.12 |
$0.30 |
| Debit card per transaction fee |
$0.20 |
$0.27 |
$0.25 |
$0.20 |
$0.30 |
| Monthly minimum fee |
$25 |
$25 |
$25 |
$25 |
$15 |
| Monthly statement fee |
$15 |
$10 |
$7.50 |
$10 |
$8 |
| Online or customer support fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Application fee |
$99 |
$39 |
$0 |
$0 |
v |
| Annual fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Cancellation fee |
$250 |
$200 |
$0 |
$300 |
$0 |
| Length of contract |
2-years |
1-year |
3-years |
1-year |
None |
| Terminal equipment cost (one time) |
Free |
Free |
Free |
Free |
$87 |
| Software cost |
Free |
Free |
Free |
Free |
N/A |
| Shopping cart cost (if applicable) |
Free |
Free |
Free |
Free |
N/A |
| Payment Gateway monthly fee |
$50 |
$50 |
$50 |
$50 |
$15 |
| Payment Gateway per transaction fee |
$0.25 |
$0.25 |
$0.25 |
$0.25 |
$0.20 |
| Wireless fee per month |
N/A |
N/A |
$50 |
N/A |
N/A |
| Wireless per transaction fee |
N/A |
N/A |
$0.25 |
N/A |
N/A |
| Address verification fee (AVS) |
N/A |
N/A |
$0.10 |
N/A |
N/A |
| American Express merchant account
rate |
3.25% |
3.25% |
3.25% |
3.25% |
3.25% |
| American Express per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| American Express application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
| Discover merchant account discount
rate |
2.65% |
2.65% |
2.65% |
2.65% |
2.65% |
| Discover per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| Discover application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
PayPal is not comparable
to this list since its Visa/Mastercard Discounted
rates are non-competitive and start from
2.9% (rather than the industry standard
of 1.9%). However, PayPal does have some
conveniences for its unusually high fees
and rates.
Compare Retail Merchant
Accounts
| |
First
Global Merchant |
Costco
Merchant |
First
American Payment |
North
American |
Paynet
Systems |
| |
|
|
|
|
|
| Type of merchant account service |
Retail |
Retail |
Retail |
Retail |
Retail |
| Visa/Mastercard Merchant Discount
rate |
1.89% |
1.65% |
1.49% |
1.59% |
1.59% |
| Visa/Mastercard Mid-qualified rate
|
2.55% |
2.95% |
2.49% |
2.60% |
2.60% |
| Visa/Mastercard Non-qualified rate
|
3.05% |
3.05% |
2.89% |
2.99% |
2.99% |
| Transaction fee (per transaction) |
$0.20 |
$0.27 |
$0.20 |
$0.25 |
$0.25 |
| Debit card per transaction fee |
$0.20 |
$0.27 |
$0.20 |
$0.25 |
$0.25 |
| Monthly minimum fee |
$25 |
$25 |
$25 |
$10 |
$15 |
| Monthly statement fee |
$15 |
$10 |
$8 |
$10 |
$8 |
| Online or customer support fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Application fee |
$99 |
$39 |
$0 |
$0 |
v |
| Annual fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Cancellation fee |
$250 |
$200 |
$0 |
$150 |
$0 |
| Length of contract |
2-years |
1-year |
3-years |
2-years |
None |
| Terminal equipment cost (one time) |
Free |
Free |
$299 |
Free |
$87 |
| Software cost |
Free |
Free |
Free |
Free |
N/A |
| Shopping cart cost (if applicable) |
Free |
Free |
Free |
Free |
N/A |
| Payment Gateway monthly fee |
$50 |
$50 |
$50 |
$50 |
$15 |
| Payment Gateway per transaction fee |
$0.25 |
$0.25 |
$0.25 |
$0.25 |
$0.20 |
| Wireless fee per month |
N/A |
N/A |
N/A |
N/A |
N/A |
| Wireless per transaction fee |
N/A |
N/A |
N/A |
N/A |
N/A |
| Address verification fee (AVS) |
N/A |
N/A |
N/A |
N/A |
N/A |
| American Express merchant account
rate |
3.25% |
3.25% |
3.25% |
3.25% |
3.25% |
| American Express per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| American Express application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
| Discover merchant account discount
rate |
2.65% |
2.65% |
2.65% |
2.65% |
2.65% |
| Discover per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| Discover application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
Compare Wireless
Merchant Accounts
For businesses that need
a serious credit card processing system
on the road, such as limo drivers, craft
vendors, artists, pizza deliverers, and
in-home contractors all can use a wireless
merchant account for wireless credit card
processing.
| |
Merchant
Seek |
Bank
of America |
ECHO
Merchant |
Credit
Card Processing |
Info
Merchant |
| |
|
|
|
|
|
| Type of merchant account service |
Wireless |
Wireless |
Wireless |
Wireless |
Wireless |
| Visa/Mastercard Merchant Discount
rate |
2.19% |
2.49% |
2.15% |
2.25% |
2.19% |
| Visa/Mastercard Mid-qualified rate
|
2.99% |
3.25% |
2.64% |
2.75% |
2.65% |
| Visa/Mastercard Non-qualified rate
|
3.19% |
3.60% |
2.99% |
3.19% |
2.99% |
| Transaction fee (per transaction) |
$0.75 |
$0.20 |
$0.25 |
$0.12 |
None |
| Debit card per transaction fee |
$0.75 |
$0.20 |
$0.25 |
$0.20 |
None |
| Monthly minimum fee |
$25 |
$25 |
$25 |
$25 |
None |
| Monthly statement fee |
$10 |
$5.95 |
$7.50 |
$10 |
$8 |
| Online or customer support fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Application fee |
$39 |
$299 |
$0 |
$0 |
$19 |
| Annual fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Cancellation fee |
$250 |
$0 |
$0 |
$300 |
$0 |
| Length of contract |
1-year |
1-year |
3-years |
1-year |
None
|
| Terminal equipment cost (one time) |
Free |
$499 |
Free |
Free |
N/A |
| Software cost |
Free |
$49 |
Free |
Free |
N/A |
| Shopping cart cost (if applicable) |
Free |
Free |
Free |
Free |
N/A |
| Payment Gateway monthly fee |
1.69% |
$100 |
$50 |
$50 |
$15 |
| Payment Gateway per transaction fee |
$0.25 |
$0.25 |
$0.25 |
$0.25 |
$0.20 |
| Wireless fee per month |
$8 |
$39 |
$50 |
$35 |
$39 |
| Wireless per transaction fee |
$0.23 |
$0.20 |
$0.25 |
$0.20 |
$0.25 |
| Address verification fee (AVS) |
included |
included |
$0.10 |
included |
included |
| American Express merchant account
rate |
3.25% |
3.25% |
3.25% |
3.25% |
3.25% |
| American Express per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| American Express application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
| Discover merchant account discount
rate |
2.65% |
2.65% |
2.65% |
2.65% |
2.65% |
| Discover per transaction fee |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
$0.15 |
| Discover application fee |
$10 |
$10 |
$10 |
$10 |
$10 |
|
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