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What's it going to cost?

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This is one area that needs a lot of research. Every bank has its own fee structure.

Some of the different types of banking charges to consider are:

  • business account setup fee
  • merchant account setup fee
  • monthly equipment fee
  • discount rate
  • transaction fee
These charges only allow you to process credit cards manually.

MOTO (Mail Order/Telephone Order) processing, especially over the internet, usually requires a considerable seurity deposit. The amount varies depending on the status of the merchant and the type of products it is selling. At the worst, it's not uncommon to have security deposits as high as $50000. There could also be fund hold backs of up to 30 days.

Remember that in order to accept payment by more than one credit card, more than one bank/merchant account will be necessary.

Having taken care of the business and merchant status costs, next comes the costs for the payment processing software which resides on the merchant's web server or the use of an Internet Gateway that already has the software to do the processing for you.

Typical costs to consider for the Internet Gateway are:

  • one time setup fee
  • monthly usage fee
  • per transaction fee

Other software to protect your E-Commerce operation would be credit card validation and verification software to prevent any fraudulent transactions.

Providing E-Commerce capabilities over the Internet will benefit your operations. But the committment to your Internet web site and E-Commerce capability must be a wholeharted one.

  • Prepare a strong, well thought out business plan
  • Shop around for the best deal
  • Watch out for any hidden costs such as statement fees and voice authorization charges
  • Read and understand the terms and conditions very carefully
  • Persevere! There are lots of providers out there and if you have a sound business plan you will succeed eventually

Here are a couple of additional places to visit to prepare you for your E-Commerce venture.

  1. MerchantWorkz
  2. Merchant Account Rate Information

Is there an alternative?

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