For a start-up operation, it would seem to make a lot of sense to obtain a merchant account that does not require you to sign a long-term contract. Some companies will require long-term contracts with hefty early termination fees to keep your business, even if business is not booming. However, it will be possible for you to find a deal that will not require a long-term commitment and will not require a termination fee. Minimum fees on the order of $25 per month are pretty common, regardless of what little business you actually do; yet again, you should be able to find merchant accounts that charge no monthly minimum. Annual credit card processing fees can range from $50 to hundreds of dollars, but still it is possible to avoid being charged such a “membership fee” or whatever else they want to call it, with the right deal.
In short, with a little shopping around you can avoid the pitfalls of, lengthy contracts, minimum monthly and annual fees, and still get reasonable transaction fees. A note of caution: it could turn out to be very costly for you if your merchant account is not compliant with the Payment Card Industry Data Security Standard (PCI DSS). It is in your interest, as well as that of your bank, for your merchant account to be resistant to fraud, but you should not have to pay an arm and a leg for it. The right deal is out there for you, with low start up and operating costs, without sacrificing security.
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