Understanding Credit Card Fees, Part 2: Merchant Account Fees and Charges
In “Understanding Credit Card Fees, Part 1: The Basics,” I outlined the information you need to know to receive the best rates from your merchant account provider.
This article is "Part 2" of that series where I help you understand your credit card fees. In this installment, I address merchant account statements, and identify key fees and charges on them. I sympathize with merchants when it comes to reading their statements. I decipher statements every day, and there are times when I want to pull my hair out trying to understand their rates and charges.
The legitimacy of various fees and charges is hard to know without looking at a specific statement. To be sure, I've seen fees that are fair and reasonable. But, I've also seen bogus fees, inflated fees, questionable fees, and even nonsensical fees. For example, I recently analyzed an ecommerce merchant’s statement that had a "terminal support fee" on it. Terminals are for physical retailers, of course, not pure-play ecommerce merchants. In this case, the merchant account provider apparently had a cookie-cutter approach to processing, regardless of whether the merchant was brick-and-mortar or online.
The important point here is that not all merchant account providers are competent with ecommerce. If you see a questionable fee on your statement, ask your provider about it.
Fees and ChargesPCI Fees. The first fee you should look for in your statement is a “PCI Noncompliant Fee,” or words to that effect. Not all merchant account providers isolate this fee in their statements. If your merchant account provider does, you will probably find it at or near the bottom of the last page of fees. If you see this fee, you have a severe issue. PCI — Payment Card Industry — compliance is critical. Noncompliance could end up costing you your job or your company if you are breached and card holder information is stolen. Your merchant account provider should insist that your company become compliant. Unfortunately, some merchant account providers use noncompliance as just another income stream by charging merchants a higher monthly fee — say $25 — versus the more common monthly PCI rate of $5 to $10.
You may see a monthly — or yearly — “PCI Fee” on your statement. Some merchant account providers have not started charging a PCI fee, yet. Those that do typically charge $5 to $10 per month — or up to $99 per year. This fee covers the cost of conducting certain functions to help them ensure you are compliant. Merchants should ask their merchant account provider specifically what it is doing for the amount it charges you.
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Supply; Merchant Club; Terminal Support Fee. These fees all apply to physical merchants. No ecommerce company should be paying them. Monthly Minimum Fee. Very small merchants — those processing less than $50000 a year in card volume — need to be
Having to remembering stuff is like getting a paper cut on your eyelid. nailed it right there. plus, any evidence of lobbying by the tech industry sector that produces the card swipe machines? The alternative to children being sent money in the form of
All credit card data is securely stored. The SmartPay™ Cashier Terminal allows organizations to register guests for Express Checkout and automatically charge credit cards after the event. Pre-swiping a credit card lets guests skip the payment line and
Tim Chen is founder and CEO of NerdWallet.com, a site dedicated to educating consumers about credit card offers. Credit cards have become an integral part of our modern lives. Instead of carrying a bunch of coins and paper money, we carry a stack of
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By punching small holes in your paper you can easily pull your threads through to make wonderful designs. You can also make a masterpiece to frame with paper embroidery as well. If you choose to work with very stiff or thick papers, you will also need to purchase a paper piercing tool.
This will allow your design to be worked easily and also help to keep the shape of the paper you are using. If you are having problems piercing the paper, then your needles are not sharp enough. Because paper is coarse, it will rub on your threads as you insert them through the paper.
Metallic embroidery threads are now readily available almost everywhere. Simply stamp your paper in a complementary color and start sticking it. One of the most fun things you can do with paper embroidery is to add beads onto your threads.
When working with embroidery threads on paper, you do not ever want to knot your threads. If you are looking for a new craft, give paper embroidery a try. Embroidering on your scrapbook pages also allows you to easily add elements to your pages while you are adding the stitchery itself. You can embroider on paper both by hand and with your sewing machine.
To stitch on paper you will need some heavy weight paper, a pin to make holes in the paper, a needle, threads, a design to stitch, and scissors. Do not try to stitch a complicated design until you have some experience embroidering on paper.
Start at one side of your design and work your way around it punching holes about every 1/8th of an inch with your pin. When you are finished you can fill in areas by using colored pencils or markers. The techniques are basically the same with a couple important adjustments.
Why? Because, if your bobbin runs out of thread then your project will have holes in it without threads going through them. Generally when you machine sew you knot the thread ends. Sewing and embroidering on paper is a really fun and easy way to add another dimension to your paper craft projects.
Thanks to the declining costs of computers and technology advances, home sewers now have the capability of doing custom machine embroidery in their own homes. The art of creating custom machine embroidery is called embroidery digitizing. To digitize a design you need to dissect the design into sections and layers and design how each area will look with another.
Once you have your basic design digitized, you then have to spend time with the special software tools tweaking out the design so that it will look good once your embroidery machine embroiders it. To be successful with embroidery digitizing software you must be an experienced sewer and knowledgeable of the various types of fabrics on the market. You will need one with a lot of system memory, a strong processor, a USB port, and a lot of free disk space.
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