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| NAME | FEE TO APPLY | DISC. RATE | TRANS. FEE | MONTHLY STMT. FEE | MONTHLY MINIMUM | MONTHLY GATEWAY FEE | SET-UP FEE | SYSTEM FEE |
|---|---|---|---|---|---|---|---|---|
| None | 1.99% to 2.47% | 20 to 30 cents | $10.00 to $12.00 | $25.00 | $15.00 | None | $197.00 one-time payment | |
| Total Merchant Services | None | 2.40% | 35 cents | $10.00 | Not Specified | $10.00 | None | $299.00 one-time payment |
| 1eMerchant | None | 2.35% | 35 cents | $12.00 | None | $15.00 | None | $29.95 per month lease-to-own for 48 months |
|
| None | 2.20% | 23 cents | $7.00 | $15.00 | $12.00 | None | $99.00 one-time payment |
| 1st American Card Service | None | 2.30% | 30 cents | $9.00 | $20.00 | Not specified | None | $359.00 one-time payment; or 12 or 24 month lease, for $42.00 or $25.00, respectively |
| Merchant Express | None | 2.17% | 25 cents | $10.00 | Not specified | Not specified | Not specified | Not specified |
| AMS Merchant Account Services | None | 2.29% | 30 cents | $10.00 | $20.00 | $15.00 | None | $245.00 one-time payment; or $24.99 per month lease for 48 months |
| Charge.com | None | 2.35% | 30 cents | $10.00 | Not specified | $15.00 | None | $195.00 one-time payment; or $49.95 per month lease for 8 months |
| AIS Media | None | 2.29% | 30 cents (plus 30 cent daily batch fee) | $10.00 | $25.00 | $15.00 | None | $395.00 one-time payment; or $29.95 per month lease for 12 months (and $49.95 set-up fee) |
| E-Commerce Exchange | None | 2.30% | 30 cents | $10.00 | $15.00 | $10.00 | None | $395.00 one-time payment |
Fees quoted above are as of May 10, 2002. As fees are revised from time to time, be sure to check their websites and to speak to their represenatives to ensure the fees mentioned here are still up-to-date. Discount rates quoted for credit card processing are for VISA and MasterCard. Contact the cheap merchant accounts providers for credit card processing rates for other card issuers.
Further Information To Help You Evaluate The Top 10 Reputable And Cheap Merchant Accounts
Merchant-Systems. Merchant-Systems offers 48 hour transfer of funds to your business checking account, 24 hour customer support and may be able to approve your application to accept credit cards within 24 hours. It can also provide a free shopping cart, and one year's free web hosting.
Total Merchant Services. Total Merchant Services certainly qualifies as a provider of cheap merchant accounts - and it offers an automatic approval, if your VISA/MasterCard monthly credit card processing volume is less than $10,000; your average item for sale sells for less than $300; your future service liability is less than 30 days; and your business type is not on its prohibited list.
1eMerchant. 1eMerchant provides credit card processing services for VISA, MasterCard, Amex, Discover, JCB and Diners Club. Focusing on small to mid-size online businesses, 1eMerchant has been in business for 6 years.
Internet Merchant Account Pro. Internet Merchant Account Pro can get you approved for cheap merchant accounts and set up to accept credit cards within one hour. It boasts a 99.99% approval rate for applicants.
1st American Card Service. 1st American Card Service is one of the world's leading providers of cheap merchant accounts for real-time credit card processing. Their service includes free hosting and shopping cart capabilities.
Merchant Express . Merchant Express offers electronic check service along with its real-time processing solutions. It will also provide you with a written guarantee that it will not raise the discount rate charged to you for its cheap merchant accounts, unless VISA/MasterCard raise their rates.
AMS Merchant Account Services . AMS Merchant Account Services offers a price guarantee, where if you find a cheaper credit card processing solution within 30 days of signing up, it will beat that price by 10%. E-check services are also available.
Charge.com. If your application for its cheap merchant accounts is refused, Charge.com will let you keep, for free, its Checks by Web, Phone & Fax software. In addition to setting you up to accept credit cards, it also offers e-check services and a free shopping cart.
AIS Media. AIS Media's real-time credit card processing solution allows an unrestricted number of users with one account, which is a plus if you have a large sales force.
E-Commerce Exchange. Called a "Five Star solution for any level of business" by Internet.com, E-Commerce Exchange's Quick Commerce solution offers the Authorize.net secure real-time credit card processing system (which also allows you to accept electronic checks on your website.
In the previous section , we briefly reviewed the standard costs and fees that you can expect to be confronted with in order to be able to accept credit cards, no matter what low cost credit card processing solution you require. [NOTE: Other sections deal with cheap merchant accounts for phone & mail orders and retail swipe machine processing. ]
In addition to the standard costs, even the cheap merchant accounts providers have their own additional set of credit card fees for real-time credit card processing from your website:
- Start Up Fee or Lease: To be able to accept credit cards, you can expect to pay a one-time start up fee for use of the provider's processing facility, when first commencing your real-time merchant account. The actual fee can vary widely from company to company ($100 to $1,000).
Alternatively, you may be able to lease the virtual facility, and make monthly payments. If you are truly interested in cheap merchant accounts, you'll find that leasing can be much more expensive, when you add up all of the monthly lease payments and compare that figure to the cost of one up-front payment. Again, when selecting a service to allow you to accept credit cards, it is wise to assess the whole package of credit card processing fees being charged to determine which package is best for you.
- Gateway Fee: Your processing service will almost always charge you a monthly credit card processing fee known as a gateway charge (usually $10 to $35) to cover its costs of accessing the gateway service utilized.
Before deciding which of the cheap merchant account credit card processing services is best for your business, you should take The Nine Minute Tutorial. It will provide you with a basic understanding of what is involved in credit card processing, the costs you can expect to incur to accept credit cards, the equipment or software you may need to acquire, what you need to qualify for a merchant account, and how to select the best cheap merchant accounts provider for your particular business.
Sidenote: If you are looking for cheap merchant accounts with an integrated solution that also includes web hosting, shopping cart functions, etc. or for other online payment options, such as wireless, debit card, e-check capabilities, etc., many of the above cheap merchant accounts providers also offer such services. You can also check our Other Online Payment Services section. Click at the bottom of this page.
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