They Came In Search of Better Software. However, I have heard one horror story after another about what other businesses have faced in the areas of additional fees, high percentages per transaction, etc. The brutal truth is that the credit-card industry has you over a barrel.
Fees can vary widely for each merchant as well as for the merchant banks.
Among the factors used to determine your rate are your credit history, type of product or service, anticipated credit volume, and how long you've been in business. How you accept your customers' card information can also affect the rate. Taking card numbers over the phone, for example, is riskier and will thus cost you more, McKinley warns. Given all the variables, you should shop around. Otherwise, try using the Internet to find the best rates.