In this article, we are going to discuss the different questions to ask a payment provider of your store. Also, we will discuss the payment processing fees and the policies that are included with them.
What is a different question to ask a provider?
Below mentioned are some of the questions that you can ask the payment provider. This payment service is called take card payments on the go because it is very fast and happens within seconds.
Are different rates charged with different companies’ cards?
There is nothing like different companies’ cards have different fees. It is a different kind of service that charges different money from the people. You will always have to make sure of the thing for which you are making the payment.
- Do you charge bill backs, or all charges are transacted in the same bill every month?
It is not usual that a payment processor might give you a low rate for processing and another at a high rate. This might be possible due to the cad you are using. Some processors take bill backs if the transaction falls, while some do not.
- What is the rate when a person swipes a credit card personally?
For the fraud and risk-bearing factor, different processor charges you differently for each transaction. If you are using physical swipe, they will cost less charge. While those payments made online which have high risk are charged more than the others.
- Do they charge a separate fee for the gateway?
Some processors do, and some do not, so you have to be sure about this thing. This is because the gateway is another important service if you want to take payment online.
- When we refund the transaction, do we get the fee back?
This means that most processors keep the fees for any kind of refund and might charge more. This will cause you to lose more money from both the way and become an extra loss for you.
What are the different payment processing fees?
Now that you know how you can get your money from the processing portal. This is no surprise that all the person who is involved in the transaction want some money. That is the issuer’s bank, the credit card association, and the payment processor. This is because they are all doing business in the market and want to earn money.
The issuer will be paid a fixed amount of percentage before the transaction takes place, called interchange fees.
The credit card company will also charge you a certain amount of money on the transaction.
The merchant bank will also take a percentage as the markup fees for the transaction handling.
The payment processor will make money every time you make a transaction, no matter it succeeds or fails. The above fees are usually bundled together in one amount, so it tough for someone to figure it out. Beyond the individual fess, there are also fees that are charged by the processor on different functions.