Get the facts.
- Setup fee: the cost for setting up your account;
- Statement fee: a fee that you pay for your monthly processing statement;
- Transaction fees: what you are charged by the processor for each transaction made with a credit card, debit card, or ACH;
- Discount rate: the percentage of the sale due to the credit card company, based on which tier a payment qualifies for;
- Qualified rate: the lowest rate for credit cards, which is charged when you process a “standard” credit card;
- Mid qualified rate: a higher rate than the qualified rate, which applies to rewards cards, for example, or non-standard processing;
- Non-qualified rate: this is the highest rate you can be charged for accepting a credit card and is applied in situations where the business did not verify the necessary customer information;
- Termination fees: a penalty charged if you cancel your contract before the end of the term;
- Monthly minimum: the minimum payment you will be required to pay if your total processing fees don’t cross the threshold that is determined when you sign up for your processing account.
Review the contract and finalize the relationship.