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Credit Card Processing Fee List
Option 2
Paynet Systems
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Consumer advisory:
Spend a few minutes reading this page and gain
the knowledge required to obtain the best deal
possible! |
We Publish all of our Rates on Our Website
Many companies do not disclose all of their charges on
their websites as we do. Among the hidden
charges found at many credit card processing
companies monthly minimums, annual
"memberships", batch processing fees,
downgrade surcharges
(i.e., non-qualified and mid-qualified), and
cancellation fees are common. At Paynet you
won't find any hidden charges because there
aren't any.
Always Look for Hidden Fees When Choosing a
Credit Card Processor
Review the following contractual components when
you are deciding which credit card processor to
work with. If a provider claims to have no fees
associated with any of the following, be certain
to review their contract carefully and/or ask
for a written disclosure statement as they may
have hidden fees. As a Paynet client, you will
never find a hidden fee as we don't have them.
You will always know our fees up front. |
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Monthly Minimum Fee:
As a Paynet client your cost - zero |
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As a Paynet Systems client you will have a
monthly minimum with Option (2). If you desire a
program without a monthly minimum please see
option 1
Many Merchant Service Providers have a $25
minimum monthly quota for Visa/MasterCard fees.
If your minimum quota is not met within the
month, the merchant account provider will make
up the difference with additional fees.
For example, if your discount rate is 2% and you
processed $1,000 for the month, then the total
of discount fees would be $20 (0.02% X $1,000 =
$20.). If your monthly minimum was $25, you
would then be short $5 for your monthly minimum.
In this case, you would be charged the $5
difference in order to meet the $25 minimum. |
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Cancellation Fee: As
a Paynet client your cost - zero |
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We are confident that you will be a satisfied
customer. In fact, Paynet is so
confident that you will be satisfied we do not
assess a cancellation fee. You can cancel your
Credit Card Processing Agreement at any time -
without penalty.
Many credit card processors require a 3-year
binding term contract. Cancellation fees are
commonly assessed when the client desires to
cancel the relationship prior to the end of the
3-year term. This arrangement is good for the
provider but very bad for you as it limits your
options. You are bound by their restricting
contract. This means that if you find a better
deal or a better provider you cannot cancel your
contract without penalty- you're stuck! With
Paynet you are never "stuck". |
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Annual Fees:
As a Paynet client your cost - zero
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Credit card processors who offer "free"
equipment often charge an annual fee to cover
the expense of giving you something for "free".
With other providers you might pay an annual fee
up to $125 per year.
Paynet does not charge an annual fee. At Paynet
all fees are published and clear. If we use the
term "free" - we mean it. |
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Batch Fee: As
a Paynet client your cost - zero |
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The "Batch Fee" occurs as a result of the accumulation of captured
credit card transactions awaiting settlement
in the merchant's terminal or
POS (point of sale unit). Many processors charge a daily batch fee of $0.25 or more which can
add up to $7.50 or more per month in
additional charges. This fee is commonly
assessed by companies that offer "free
equipment" and those with seemingly low
monthly statement fees. |
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Example: |
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At the end of the business day, a
POS credit card machine submits the sale
totals for the day in the form of a
batch file. If a processor charges batch
fees, you can be assessed up to $7.50 or
more per week in additional charges.
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($0.25 batch fee x 30 days/month= $7.50
additional fees).
Paynet does not charge a Batch Fee. |
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Down Grade Surcharges:
Your cost: Between 0.65% and 1.85% +
$0.09 cents |
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This surcharge applies to credit card
transactions that Visa and MasterCard assess at
a higher rate. ("Down Grade Surcharges" are also
referred to as Non-Qualified and
Mid-Qualified
Surcharges.)
For instance, with a Business/Corporate Card,
this surcharge might be assessed in conjunction
with other downgrades, for reasons such as
failure to perform Address Verification (AVS) for key-in sales, and failure to transmit a batch file to
clear a point-of-sale device within the allotted
time period.
If your company accepts credit cards you need to
understand this fee. Some business categories
are affected by this surcharge more than others
(i.e., Business to Business (B2B), or businesses
that accept International Cards). If you have
questions or concerns about this surcharge or
any others please ask your Paynet Systems
representative. If you have a question, we’ll
have a clear and thorough answer for you. |
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Discount Rate:
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Your cost- |
1.69% for Retail (swiped transactions) |
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Your cost- |
2.19% for Internet - Mail/Phone Order businesses
(non swipe) |
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The amount charged to a merchant for processing
daily credit card transactions. |
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Retail/Swipe Discount Rate Example:
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$25 sale x 1.74% = $0.43 + $0.24 per transaction =
$0.67 |
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$50 sale x 1.74% = $0.87 + $0.24 per transaction
= $1.11 |
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Internet/Mail-Phone
Order Discount Rate Example: |
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$25 sale X 2.30% = $0.57 + $0.25 per transaction =
$0.82 total fee |
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$50 sale X 2.30% = $1.15 + $0.25 per transaction =
$1.40 total fee |
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Transaction Fee:
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Your cost- |
0.22 cents for Retail (swiped transactions)
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Your cost- |
0.22 cents for Internet - Mail/Phone Order
businesses (non swipe) |
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This fee is charged by a merchant account provider
for each credit card transaction completed. |
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Programming fee:
As a Paynet client your cost - zero |
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Most credit card processing companies charge a
fee for programming existing point-of-sale (POS) systems when you switch from one company to another.
As a Paynet customer there is no charge to
switch from your present provider to Paynet. We
want you as our client, and we want you happy.
We don't charge you a fee to become our client,
we're glad to welcome and serve you! |
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Application Fees:
As
a Paynet client your cost - zero |
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Many companies charge an "application fee" when
applying for credit card processing
capabilities.
Many credit card processing companies will
charge you an "Application fee" when you apply
for the privilege, as they see it, of being
their client. At Paynet we want you to be our
client, we will never charge you to be our
client! |
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Statement Fee:
As
a Paynet client your cost - $8 |
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As a Paynet client you will receive the finest support
available in the credit card processing
industry. This includes unlimited 24-hour, 7
days a week customer support. You will also
receive a mailed monthly statement with an
itemized list of daily Visa/MasterCard totals,
as well as monthly totals of the credit cards
accepted. Total amount of fees incurred during
the month are also included in the statement.
We will gladly provide a detailed activity summary emailed
to you daily, weekly, or monthly. All of these
services are included with your $10 statement
fee.
Superior credit card processing, is not just about the
correct and timely handling of transactions, it
is also about accurate and thorough reporting of
account activity. As a Paynet client, you will
always have accurate and timely reports
available to you by mail, email or both.
As a Paynet client you will always know the
activity of your accounts and every charge that
you've incurred. Nobody likes surprises when it
comes to credit card processing billing or
reporting. With Paynet you will always know
where you and your accounts stand. |
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Chargeback Fee:
As a Paynet client your cost - $15 |
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This fee is assessed when a credit card transaction is
billed back to the merchant after the sale has
been settled. Chargebacks are initiated by the
card issuer on behalf of the cardholder.
Typical
cardholder disputes involve product delivery
delays or failure, or customer dissatisfaction.
Cardholders are urged to obtain satisfaction
from the merchant before disputing the bill with
the credit card issuer. |
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Voice Authorization Fee:
As
a Paynet client your cost - $0.50 per call
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This fee is charged only if you use our
voice-automated system to call in a credit card
sale.
You might need to use the voice automated system
if, for instance, you need to accept credit
cards off-site and do not have access to your
point-of-sale device. If this situation occurs
you can call our toll-free 800 telephone number
to process the credit card transaction.
This fee is never assessed when the
point-of-sale device is used for the
transaction. |
