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Types of Payment Processing Fees

Payment processing industry has a lot of charges associated with it. Payment processors and merchant account providers will have different types of fees and you will have to know it all before you sign up with a particular payment gateway provider. Read on to know more about the different types of charges:

  1. Cancelation Fees

When you sign up with a payment gateway or merchant account, you will be obligated for a minimum lock-in period. If you terminate the contract before the period, you will have to pay a cancelation fee.

  1. Chargeback Fee

For every transaction, there will be a percentage of chargeback by the payment processor and you will have to know this before you sign up.

  1. Gateway Fees

The credit card information of your customer will be processed by a payment gateway and they will charge you a fee for the same.

  1. Monthly minimum fees

If your sales do not exceed a value, you might be entitled to pay a monthly minimum fee.

  1. Statement Fees

There is a fee for the statements and you should know the fees associated with it.

If you are looking for a payment gateway solution, you can get in touch with Open Source Payment Gateway as we have an excellent track record and have served to the needs of a variety of people!