Best Merchant Credit Card Account Prices Directly through Banks
Web Commerce Today, Issue 38, September 15, 2000
If you've been put off by the high price of getting a Merchant Credit Card Account, it appears that some of the best prices can be obtained from three Internet merchant-friendly banks. Though some of these market their services through Independent Sales Organizations (ISOs), direct prices tend to be substantially cheaper, since you are cutting out high commissions. Each of these banks has a good reputation on and off the Internet.
In a companion article, you also see some good prices for payment gateway systems when bundled with a merchant credit card account.
|
Bank |
Heartland Bank |
First Bank of Beverly Hills |
Humboldt Bank |
|
|
Heartland Payment Systems |
First Bank of Beverly Hills |
Humboldt Bank Merchant BankCard Services |
|
Third-party Gateway |
Authorize.net |
CyberCash |
Authorize.net |
|
Application Fee |
$95, non-refundable |
$195, non-refundable |
$145 ($95 is non-refundable) |
|
Cancellation Fee |
$300, would not apply if business failed, or if they can't match competitor's discount rates |
No |
No |
|
Discount Rate for Visa and MC |
2.5% for new merchant, sometimes less for existing merchant |
2.30% |
2.4% |
|
Transaction Fee for Visa and MC |
30 cents |
30 cents |
20 cents |
|
Minimum Monthly Fees |
$22.50 (discount rate fees only) |
$20 |
$25 |
|
Statement Fee (monthly) |
$7.50 |
$10 |
$10 |
|
Monthly Transaction Limitation |
No |
$25,000 at set-up, but can request increase. |
|
|
US corporate presence, bank account required |
Yes |
Yes |
Yes |
