Merchant service charge is a fee paid to the acquiring organisation. These fees are influenced by different aspects of the business such as card type, channel, location of the holder and many others.
Please note that the merchant payment processing charges are different in different countries. However, the fees do not fully go to the payment processor. It has three main segments:
- The interchange fees go to the issuing banks.
- The network fees go to the Visa or Mastercard.
- The acquirer fees go to the acquiring banks.
We understand that finding the best payment solution for your business is challenging. You should compare the costs and features of your preferred merchant account providers UK. Besides that, you have to consider the following charges:
- Setup Fee
- Monthly Fee/Service Fee
- Equipment Fee
- Credit Card Processor Fee
- Transaction Fee
Payment Processing Fees
There are many other types of payment processing fees:
Flat Rate
It is easy to use and suitable for start-ups. It is a fixed percentage based on the volume of transactions.
Interchange Fee
Credit card issuers generally charge an interchange fee, whether card transactions or CNP.
Direct Interchange
Merchant providers charge a one-off monthly fee without a fixed percentage of sales volume. It is suitable for large corporations.
Tiered Rates
It is grouped in different structures that separate each card type. It is not suitable for B2C transactions.
Besides that, there are many other additional fees.
- Account fees
- Statement fee
- Minimum processing fee
- PCI-compliance fee
- Cancellation fee
- Account setup fee
- Chargeback fees
- NSF fee
Many providers charge hidden fees as well. However, our service is transparent, and we offer the lowest transaction fees for credit and debit cards. You can save $1000 each month.
We offer 24/7 UK based customer service to solve your queries as soon as possible. If you are a start-up or need a merchant account UK to scale up your business, you should call us for the best merchant service for small businesses in the UK.
