Competitive Rates

No business today can afford not to accept credit cards as a payment mode. To do so would be to turn away a large base of customers – however, it is important to understand that with every credit card transaction, you are paying additional fees for merchant services. Although these fees come as part of the package, Millennium Payment Systems can keep our rates competitive and transparent in aiding our clients to make the most well-informed decision for their needs. 

Understanding Credit Card Processing Fees

The credit card processing fees each merchant pays are determined by three parties:

  • Card issuer: Card issuers are banks where customers get their credit cards from. This includes the Bank of America, Citibank, and any other bank. For each transaction made, a commission goes to the card issuer for their part in accepting the card. 

  • Card network: Card networks partner with card issuers to ensure that transactions can be made securely and successfully. Some of the biggest card networks include Visa, Master and AmEx. 

  • Payment processor: Payment processors such as Millennium Payment Systems are financial institutions that work with card issuers to ensure that each transaction can be completed securely. They also charge a commission for each transaction.

Keep in mind that every card issuer, card network and payment processor will charge different fees. This is typically a percentage of each transaction plus a fixed fee. It is important to ensure that any institution you work with are upfront and transparent about the fees they charge to avoid any hidden surprises later on.

What Credit Card Processing Fees Constitute

Credit card processing fees are necessary for covering a range of services, including:

  • PCI Compliance fees: The Payment Card Industry (PCI) has laid out Data Security Standards (DSS) to ensure that the data of both customers and merchants are protected when completing transactions. To maintain PCI compliance and keep your data safe will entail an annual fee.

  • Interchange fees: Each time a customer makes a transaction, the acquiring back (which is the bank the merchant uses) has to pay a fee to the customer’s card issuer. 

  • Dues and assessments: Payment processors have to pay fees to card networks for their use of the payment system and the card brand, as well as the right to process payments on the network. 

  • Payment processor’s fee: This fee is paid to your payment processor monthly for use of their product. Some providers may charge hidden fees, however you can be assured that our rates at Millennium Payment Systems are always competitive and transparent.

  • Annual account fees

  • … and more!

Millennium Payment Systems Provides Competitive and Transparent Rates 

Are you on the search for a reliable and affordable payment processing system for your business? If so, Millennium Payment Systems can offer you competitive and transparent rates for your needs. You never need to worry about any hidden fees when you engage our services, and our professional team is available round the clock to provide you with the solutions you need. To get started, please call us at 1-800-844-6009 today.

Personal & Expert Service 24/7

Our customer service and support is unparalleled 
 

 

“Millennium lets Canadian businesses lease their credit card terminal, instead of paying rental fees month after month. This saves me $400 a year.”

 

- Mary Masterson,

Toronto, Ontario

“With Millennium I was able to OWN my credit card terminal for the same monthly payment as I was paying on a RENTAL with my prior processing company. I saved over $500 a year!”

 

- Allan D.