Real-world Merchant Account Rates from BuyerZone Buyers
A sampling of actual low cost merchant account prices paid by credit card processing customers who used BuyerZone's service can be found below, complete with purchasing details.
Based on the pricing they reported, here are some points to consider:
- If you have enough monthly volume, a vendor may provide a credit card terminal and complete setup for free.
- You pay a "discount merchant account rate" - a small percentage of each transaction - to credit card processors. This percentage, typically 1.5% to 3%, is based on your evaluated risk, average sales tickets, transaction types, and total charge volume. The vendors may also charge a small, fixed fee for each transaction - roughly 20 to 30 cents.
- "MOTO" refers to "mail order-telephone order" and can also include online charges. Since these transactions don't take place in person, they're considered riskier and carry a premium.
- A credit card processing vendor may charge several other fees for monthly statements, terminal setup, and customer support. Make sure you have a complete understanding of all the charges you will incur before making selecting a vendor.
These prices may include a few minor fees for monthly statements or required monthly minimums, but the bulk of the fees paid are for the transactions.
- "A discount merchant account rate (which fluctuates based on my sales), and a $0.30 per transaction fee. No minimums, no equipment to purchase, a monthly fee of $20 for face-to-face transactions, no set up, no application fee, no gateway fees, no AVP. In sum, it was simple, and inexpensive after I calculated a base scenario using everyone's pricing." - Health Care Professional, Cincinnati, Ohio
- "All keyed transactions: 2.09% plus $0.25 per trans plus $5/mo statement fee. No contract. We will receive a free Verifone Tranz 330." - Stair parts wholesaler, Alpharetta, Georgia
- "We're an espresso coffee shop. Per-transaction fee was key. We got $0.17/transaction, no start-up fee, only tiny amount higher percentage rate. Biggest plus - they knew the POS system we are using (CoffeeShop Manager) intimately, so they helped us get the card reader working." - Coffee shop owner, Boaz, Alabama
- "There are no fees for application, annual fee, monthly minimum processing, or batch/settlement. There is a monthly statement fee of $9.95 - Discount Rate for MOTO is 1.87% plus $0.15 per transaction for debit cards. The rate is 2.12% plus $0.15 per transaction for credit cards. The non-qualified rate is 3.03% plus $0.15 per transaction." [$25,000-$50,000 in monthly charges] - Sales, North Kansas City, Missouri
- "No setup/monthly/cancellation/statement fees - 2.2% to 2.9% discount merchant account rate plus 30 cents transaction fee." - Training video producer, Andover, Massachusetts
- "Our rates for keyed transactions are 2.15% on Visa/MC (personal or business) w/ no trans fee, 1.69% on Discover w/ $0.10 transaction fee & 2.95% on AMEX. No fees for annual use, statements, applications, reprogramming, or no minimum processing. Rates will not change for three years. Free terminal." - HVAC service and sales, Highland, Indiana
- "MOTO account, 1.98% plus $0.18 per trans / $8 statement fee / no contract, no minimum." - Camera repair, Willow Grove, Pennsylvania
- "I'm paying 2.05% on most credit card transactions. No batching fees. I believe it's a $19.95 monthly minimum. I do all my processing via the internet, and there is no additional charge for that. I did not have to buy terminals nor software. I did not have to pay an application fee." [$25,000-$50,000 in monthly sales] - Wood & concrete sealant provider, Rochester, Minnesota
Equipment and setup pricing
- "$239 Hypercom T7Plus - 1.69% discount rate plus $0.25 transaction fee - $5 monthly fee - no minimum." - Photographer, Allendale, Michigan
- "Nurit 8320 w/ add'l keypad - $550, $7/monthly, $25 min or 1.69% plus $0.25." - Home decorations supplier, Bronx, New York
- "$99 setup /$10 per mo. flat fee / 2.25% plus $0.30 per transaction. Also $4.95/mo. for bank provided online banking (no flat fee if not used during the month.) Gateway & virtual terminal included as well as shopping cart with availability of free shopping cart software that we like." - Screen painter (manufacturer), Beaverton, Oregon
- "Hardware $300 - fee 1.75% for swipe and 2.25% for keyed in - $5 statement fee, $0.20 per transaction." - Business Service Provider, Delmar, Maryland
- "I paid $2,200 for 4 Verifone 3250's, then 1.75% monthly fee, and set up fee of $35. Gift card capabilities for $600. Also pay $0.25 per transaction." [$50,000-$100,000 in monthly sales] - Gift card retailer, Geneva, Illinois
- "$99 startup fee - 2.39% discount merchant account rate - $25 monthly fee - no yearly contract - geared towards vacation rentals." - Vacation rental, Valley Center, California
- "$425 for wireless card reader and printer and all the software." - Mobile kiosk operator, Indianapolis, Indiana
- "$795 for Nurit 8000 wireless, and 1.57% for VISA/MasterCard plus 15 cents each transaction." - Retailer, Las Vegas, Nevada
Want more information on choosing a merchant account provider? Read our Credit Card Processing Buyer's Guide.
Information was provided by BuyerZone.com users. Quotes have been edited for clarity only.Ready to Compare Credit Card Processing Price Quotes?