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What credit card charges do small businesses pay?

May 22, 2019Alex Hooper-Hodson

There are a couple of aspects a small business will need to consider, some of these include:

  • MSC – Merchant service charges – Generally a fixed charge on every debit and credit card transaction.
  • The rental charge for your card machine rental – This is generally a monthly or quarterly charge and will vary on the card machine supplier you go through and the length of period you enter into.
  • Authorisation Fees – Additional charges may apply for every authorisation on each card transaction.
  • PCI DSS – If you are a small business owner and your small business intends to accept debit and credit card payments, whilst processing and transmitting cardholder data, you will need to host your data securely with a PCI compliant hosting provider. This is a monthly charge.
  • Set up fees – This won’t apply to everyone, but some merchant acquirers will charge to set up a merchant account.
  • Minimum monthly spend – The minimum monthly spend is a minimum fee which will be applied by an acquirer where their merchant service charges haven’t been met. This will be detailed in the application.
  • Termination fee – If you think there is a possibility you may end the agreement early we would advise checking on what fees would apply if your small business was to end the agreement early.
  • Chargeback Fees – What admin and charge back fees will you incur in instances of a customer or individual requesting a chargeback.

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Manor Road,
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SM6 0BY

Sales: 0345 459 9984
Main Office: 0345 459 9984
Technical Support: 07889 602 314
sales@wirelessterminalsolutions.co.uk

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