As a business owner there are several fees associated with accepting payments at their place of business. The most common charges are included in the transactional fees, which consist of an additional percentage and fee paid to credit card processors. This transaction fee is in addition to the direct interchange costs set by credit card associations. Along with direct fees for each transaction processed, there are markup and incidental fees that business owners are responsible for.
Markup fees are also charged to business owners, this is outside of the transaction fees charged by the credit card processor. Some of the markup fees a business owner can be charged include: Monthly Fee, Annual Fee, Statement Fee, Online Reporting Fee, Monthly Minimum Fee, Terminal/Equipment Fee, POS Software Fee, Payment Gateway Fee, PCI Compliance Fee and an IRS Reporting Fee.
Average Pricing for Markup Fees
Monthly Fee: $10 – $99/year
Annual Fee: $0 – $300/year
Statement Fee: $5 – $10/month
Online Reporting Fee: $5 – $15/month
Monthly Minimum Fee: $5 – $15/month
Terminal/Equipment Fee: $5 – $15/month
POS Software Fee: $5 – $15/month
Payment Gateway Fee: $5 – $15/month
PCI Compliance Fee: $5 – $15/month
IRS Reporting Fee: $5 – $15/month
Incidental fees are imposed when certain actions have taken place in relation to customer transactions and the credit card processing account. Examples of incidental fees are Application/Setup Fee, Early Termination Fee, Account Closure Fee, Address Verification Service, Voice Authorization Fee, Retrieval Request Fee, Chargeback Fee, Batch Fee, Non-Sufficient Funds Fee and a PCI Non-Compliance Fee.
Average Pricing for Markup Fees
Application/Setup Fee: $50 – $100
Early Termination Fee: $300 – $1000
Account Closure Fee: $20 – $75
Address Verification Service: $0.05 – $0.25
Voice Authorization Fee: $0.25 – $4
Retrieval Request Fee: $10 – $15
Chargeback Fee: $10 – $30
Batch Fee: $0.05 – $0.30
Non-Sufficient Funds Fee: $20 – $25
PCI Non-Compliance Fee: $20 – $40