Credit Card Processing Additional Fees
Taking a closer look at your merchant processing statement is always a good idea! It is important to know your rates and fees, so when offered a “better deal” you will be able to evaluate possible savings for yourself. Knowing your business’s credit card processing history is an excellent tool in making sure you are receiving the highest profit available from your transactions. However, this is easier said than done. Statements can be confusing and difficult to understand. Below, I break down a few things to keep an eye out for on your statement.
Three Fees to Watch for:
The first thing to check for is PCI Compliance fees. PCI Compliance has to be renewed yearly. This usually involves answering certain questions regarding how you process and a possible IP scan. Non-compliant charges can range anywhere from $20 to an upwards of $70 for every month you are non-compliant. Nevertheless, being PCI compliant is an easy way to eliminate charges cutting into your profit.
Next, the second fees to watch for are monthly and annual fees. The monthly fee would be deducted every month, where the annual would only be deducted once a year. As a merchant, you need to keep an eye on these fees to ensure they are not increasing. At MAX, we never raise our fees, but we cannot make any promises for other merchant processors. We encourage every merchant to check for monthly fees, and if you are unhappy or see them changing, call your provider out on it. By bringing this to their attention, you show that you want them to make it right.
Finally, the last added fee to look out for is a mail statement fee. A mail statement fee charge is usually less than a PCI Compliance or a monthly fee, but they do add up. Most credit card processors provide access for a merchant to see their credit card statements online. This is a useful tool for record keeping and profit analysis. If your statement is not mailed to you, but you still have a mail statement fee charge, call your processor to see if the charge can be removed.
At MAX, we believe that every penny counts. Check out your current statement to see if you are incurring any of these charges. Additional fees are often located on the very last page of the statement.