No Hidden Fees
Has your business hopped on the bandwagon and started accepting credit card payments? If not, you could be missing out on a large base of customers. Some merchants, particularly owners of smaller businesses, may be hesitant about taking the first step for fear of hidden fees. When you engage payment processing services from Millennium Payment Systems, you can be assured that we are completely transparent about the fees we charge and there will be never be any hidden fees.
Understanding Hidden Fees in Payment Processing Contracts
Do you know how much your payment processing system is really costing you? Maybe you receive the bill every month and just pay it without looking through each page and transaction. This can end up being a costly mistake. When it comes to choosing a payment processing system and provider, you need to ensure that what you see is really what you get. Many providers charge a wide range of hidden fees which are embedded in monthly bills and contracts.
What are Hidden Fees?
You already know that with each credit card transaction made, you pay a commission to the card issuer, card network and payment processor. This is usually a percentage of each transaction on top of a fixed fee. However, is that really all you are paying?
Below are some common types of hidden fees to watch out for:
Daily Discount fees: At the end of each monthly invoice, you will see a figure for “Total Fees Charged”. Look through each transaction and keep your eye out for any Daily Discount fees, or passthrough fees, charged. These are typically not calculated within the amount for “Total Fees Charged”, so you will have to add up these daily amounts with the stated figure to get an accurate impression of the total fees you are paying.
Tiered fees: When agreeing on a payment processing contract, you may have been offered a preferred rate that sounds really attractive. However, once you get down to business, you may realize that it only applies to a limited range of card types. The majority of transactions you handle may not fall under this limited range. You may not even be aware of this and be under the impression that you are paying the preferred rate each month.
Billing in arrears: The way a bill is presented can be confusing, listing the fees for last month with the transactions for the current month. This gives merchants the impression that the fees they are paying are significantly less in proportion to profits.
Millennium Payment Systems Does Not Charge Any Hidden Fees
If you are reluctant to get onboard with credit card payments due to fear of hidden fees, we hear you. At Millennium Payment Systems, you never have to worry about hefty hidden fees; what we quote is what you pay, always. In addition, our customer service team is available round the clock to provide you with the assistance and support you need at any time. Please call us at 1-800-844-6009 today to get started.
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