Do I have fees to pay?
There are a wide range of fees that a Merchant Account holder has to pay. These range from statement fees, chargeback fees, annual fees, monthly fees etc. Each service provider has a different fee plan in place so check before you choose who to go with.
What types of fee structures exist?
Tiered fee structures exist around the type of qualification asserted onto a transaction. Most providers separate their fees into a 3-tier structure of Qualified, Mid-Qualified and Non-Qualified, but 5-tier and 6-tier structures are also common.
What is a chargeback?
A chargeback is when a customer requests their funds back after purchasing an item from you. There are complex legal requirements in issuing a chargeback so you need to be savvy as to your own responsibilities and those of your customers.
Why might a chargeback be requested?
There are a number of reasons why a customer may request a chargeback after purchase. The most common reason is that the good received are not as described or in a satisfactory state. However a chargeback can also be requested if the customer feels they have been charged an incorrect amount or if a customer claims they have not received the goods they have requested.
The post Merchant Accounts FAQs Part 2 appeared first on First Payment Merchant services.
