Consumer
Advisory:
Spend a few minutes reading this page and
gain the knowledge required to obtain the
best deal possible! |
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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 do not have
a monthly minimum with 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. This will
not happen as a Paynet client because we
do not have monthly minimums (with Option
1).
Paynet clients on Option (1) have no monthly
minimum fees. |
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| Cancellation
Fee: |
As
a Paynet client your cost - zero |
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|
Cancellation fees are commonly assessed
when service is cancelled prior to the binding
term found within the merchant agreement.
Many credit card processors have a 3-year
term found within their contract. This means
if after a year you find a better deal you're
stuck! Paynet System's is so confident you'll
remain a satisfied customer; you are free
to cancel your Credit Card Processing Agreement,
any time, penalty free. |
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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 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.
Example:
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.
($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- 0.65% to 1.85% + $.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
and Reward Cards. This surcharge might also
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- 1.59% for Retail (swiped transactions)
Your cost-
2.30% for Internet - Mail/Phone Order businesses
(non swipe)
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 1.59% = $0.40 +
$0.25 per transaction = $0.65
$50 sale x 1.59% = $0.79 + $0.25 per transaction
= $1.04 |
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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
$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- 0.25 cents for Retail (swiped transactions)
Your cost-
0.25 cents for Internet - Mail/Phone Order
businesses (non swipe)
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 - $10 |
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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 - $25 per incident |
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| A Chargeback
would apply only to a disputed sale initiated
by your customer and is not assessed for refunds
or credits. 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 - $25 per incident |
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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. |
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| American
Express Fees: (No set up or statement
fees) |
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Rates and fees for American
Express are subject to change. Separate approval
is required.
Retail
Average sale $150 or less = 3.25%
Average sale $150-$249 = 3.10%
Average
sale $250+ = 2.95%
Internet/Mail/Telephone Order
$0- $4,999 total annual volume = $5.00
per month, flat fee.
$5,000 or higher annually volume = 3.5% |
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| Discover
fees: |
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Rates and fees for Discover
are subject to change. Separate approval
is required. |
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Avg
Ticket / Sale
|
|
Retail |
|
Mail - Phone Order
- Internet |
|
Restaurant |
| 0 to 20 |
|
2.52% + 8 cents |
|
2.97% + 8 cents |
|
2.18% + 8 cents |
| 21 to 30 |
|
2.22% + 8 cents |
|
2.67% + 8 cents |
|
1.93% + 8 cents |
| 31 to 50 |
|
1.99% + 8 cents |
|
2.44% + 8 cents |
|
1.73% + 8 cents |
| 51 to 70 |
|
1.86% + 8 cents |
|
2.31% + 8 cents |
|
1.62% + 8 cents |
| 71 to 90 |
|
1.80% + 8 cents |
|
2.25% + 8 cents |
|
1.57% + 8 cents |
| 91 to 120 |
|
1.77%
+ 8 cents |
|
2.22% + 8 cents |
|
1.55% + 8 cents |
| 121 to 150 |
|
1.73% + 8 cents |
|
2.18% + 8 cents |
|
1.51% + 8 cents |
| 151 and over |
|
1.69% + 8 cents |
|
2.14% + 8 cents |
|
1.49% + 8 cents |
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