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How can I use merchant account services?
If you would like to accept credit cards, then you will need to make use of merchant account services. These credit card processing services are available for you to use for transactions online, over the phone, through the mail, and of course, in person. Merchant account services are available for almost all businesses, provided that the businesses are operating legally. Also, there are some criteria to meet for merchant account services, including the exclusion of certain types of businesses. However, there are options for high risk businesses (travel agencies, casinos, adult oriented stores and the like), so many are covered by merchant account services.
How much does it cost to use merchant account services?
The first cost you will encounter with merchant account services is the setup fee. This fee can be anywhere from fifty dollars to several hundred dollars. Oftentimes this fee will be waived if you agree to a certain contract length, or if you purchase or lease credit card processing equipment. Repeat monthly fees including service/maintenance fees, report fees and gateway fees. There are also fees associated with each transaction done through merchant account services, which are usually a percentage of the total transaction cost. For a full list of fees you can expect to be responsible for, contact the provider of your merchant account services.
