Oct 12, 1999

Merchant Account Providers: Compare Fees and Technical Capabilities

 

Once you've developed a list of merchant account providers who might offer you anaccount, you need to compare the different MAP offerings. Be certain to ask detailedquestions about each MAP's technical requirements and make sure your system can work withyour MAP's gateways -- the software that actually submits your customers' credit cardinformation for payment authorization.

Compare Fees and Rates

In the chart below, requested MAPs to quote rates for a 3-month-oldInternet-only business with excellent credit that expects 200 transactions per month, withan average of $100 per sale. To date, the 30 or so MAPs charted below have responded to oursurvey, but we'll continue to post new results as they come in.  Each MAP on the chartidentifies its preferred discount rate and transaction fee as well as the fees itwould charge the hypothetical (case study) client.

Name Internet Rate Trans Fee Case Rate Case Fee
Associated Merchant Services 2.09-2.25% $0.25 2.15% $0.25
Bankcard Systems 2.25% $0.30 2.19% $0.30
Del West Merchant Services 2.21-2.69% $0.30 2.21% $0.30
Plug 'n Pay Technologies, Inc. 1.99-3.50% $0.20 2.25% $0.20
Point of Sale Services, Inc. 2.20-3.50% $0.60 2.25% $0.30
Total Merchant Services 2.25% $0.30 2.25% $0.30
FHP 2.25% to 2.45% $0.20 2.25% $0.20
Signature Card Services 1.95% - 3.5% $0.30 2.25% $0.30
E-Commerce Exchange 2.25% $0.30 2.25% $0.30
TransMark Corporation 1.99% $0.30 2.29% $0.30
Point of Sale Systems 2.29% $0.30 2.29% $0.30
Bridgeview Bank & Trust as low as 2.25% $0.25 2.39% $0.25
Electronic Card Service 2.39% $0.30 2.39% $0.30
MerchantEase 2.39% $0.30 2.39% $0.30
Vericard Systems low as 2.29% $0.20 2.39% $0.20
Heartland Card Services As low as 1.79% $0.18 2.40% $0.25
Emerald Coast Services 2.35-2.46% $0.35 2.40% $0.35
1st National BankCard 2.45% $0.30 2.45% $0.30
Internet & Information Solutions 2.45% $0.30 2.45% $0.30
EZ Merchant Accounts 2.49% $0.30 2.49% $0.30
Merchant Service Group 2.50% $0.30 2.50% $0.30
Aerohost Web Systems 2.57% $0.32 2.57% $0.32
Card-Pro Merchant Services varies $0.30 2.6% $0.30
Quantum Technologies of America, Inc. 2.69% $0.30 2.69% $0.30
Credit Merchant Account Services 2.25% - 2.75% $0.40 2.75% $0.30
E-Money, Inc. 2.45% $0.25 999
Total Payment Systems varies 999 $0.00
First Bank of Beverly Hills varies 999 $0.00
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