Posts tagged ‘fees’

Knowing More About Credit Card Processing Rates ? Fees To Watch Out For

Business owners may not be aware that their expenses are way overboard and as result, they can’t stay on top of everything. They don’t’ know that they need to pay for credit card processing fees. Whether you are just starting a business, you would to hire a merchant account that would meet your needs. No matter how you look at it, unfortunately the expenses are too much. These fees can be under your radar without your detecting. If you have a merchant account, here are the culprits. If you know about the fees, you can calculate your business expenses.

Transaction Fee – It is a charge for gateway fee, network fee and even fraud detection. There are providers who may hide these charges. Always do a research and subtract it to your revenue.

Set up Fee – Most account providers forgo this if you sign with them.

High Risk or International Fee – High Risk businesses are the one paying for these fees to help get your approval. It often paid annually but you need to check if the company charges them.

Charge Back Fee – A customer may dispute the processing this is due to security and application of laws. This is a challenge to merchant.

Termination Fee – For those who are planning to stop the merchant account contract, this needs to be paid. Before signing the contract set this record straight.

Termination Fee – As a business owner, it is advisable that prior to signing the contract ask about their termination fees first. In case you are not satisfied with their service, you can easily cancel the contract without worrying about the cost.

Refund Fees – You would need to pay this when customers get refund. You should also pay for fraud labor transactions.

Before signing a contract with a merchant account provider, there is no doubt there are fees are involved which is you are required to pay. This would include set up fees, transaction fees, refund fees and others. These can be deducted in your account without your knowledge.

how to save your credit card late fees

A late fee or bill would hover on your mind even when you are on holiday, a business trip or just relaxing at home. Wonder what this fee is? It is your credit card fees. If you fail to pay the fees on time it will cost you a lot. Delaying the payment of your card fees even by few minutes, might cost you approximately $ 39 for every delay. If you do not want to bear this, you must resort to some money management techniques that will help you pay your fees on time and not let you feel the need of credit repair at any time.

For an unpaid bill of $ 250, the companies usually charge a late fee fine of $ 19 to $ 39. Most service providers do not offer you a leniency period. Capital One is probably the only card provider which gives you a three day extension. But most of them do not accept late fees at all. To avoid this situation, you need to plan. The tips given below will help you make your payments on time.

Plan:

If you make your payments online remember that you would be charged an extra fees for same day transaction. So if you wish to pay via net banking, pay it three to four days in advance. Or else you would try to save on your late fees and in turn end up paying an extra charge with your bank.  For paying the fees via postal mail, keep a safe period of at least 10 days. Never take a risk with postal mail. Usually postal mails fail to reach on time. Phone payments should be the last option. Almost all banks charge you for this service even if you call them 10 days before or on the last day.

Auto payment:

Some banks provide the option of auto payment. Opt for this to avoid any delay in your repayments. This will help you stay away from all worries and still your payments will be on time. However, you have to assure that you have enough balance in your account.

Due Date:

If the due date of your payment comes on such time that you are usually not available at that time, then request for a ‘due date change’. Some service providers allow you to change this date. Choose a date that is easy for you to remember, you have sufficient balance to make payment and does not disturb your schedule.

Use these simple tips and resort to good money management habits.

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