"High
Volume Accounts"
High Volume
Big Ticket Items
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HIGH VOLUME MERCHANTS -
As a merchant you want to, or are doing a
lot of credit card processing and this can be several hundred
thousand dollars or more. It is really not fair that you have
to be classified as a High Risk or High Volume merchant. Even
if you have a clothing store, liquor store, night club, health
club and many, many others you are classified into a high risk
business only because of the amount of credit card processing
you will do on a monthly basis.
The reason is because of chargebacks by
the customer. A customer can charge back any charge on their
credit card for up to 6 months from the time of the charge. If
there is $100,000 a month in credit card charges and the
processor cannot retrieve $600,000 from you, the merchant to
pay back those chargebacks then they have pay that bill for
you. If a merchant cannot be found then the processor is stuck
with a $600,000 bill and that is the risk factor that a
processor has with any merchant. This does not happen much, in
this worst case scenario, but it does happen. Most processors
have to have at least $75k to $100k in the budget just for
losses each year.
We would suggest that if
a customer has a dispute then just give him a
refund for part or all of what was charged on the
credit card. This will keep the chargebacks down or not happen at
all.
Below we have listed several options that want a
high volume processing merchant.
|
iPAYMENT | 1st Federal
Financial |
 |
| Discount %: |
%
Varies |
| Transaction Fee: |
$
Varies |
Monthly
Minimum |
$0.00 |
| Processing Limit |
Merchant
Decides |
| Setup Costs: |
$495 |
- Rates determined by type of
business and amount
of monthly volume.
- Internet
Access for account viewing
- Chargeback Fee
$25
- Retrieval
Request $15
- Annual
Fee-includes tech support $99
- ACH Reject Fee
$25
- Copy of Tax
Return
- Copy of Checking
account statements
required
- Copy of current processing statements
required
- No Setup
Fee
- No Tax
Liens or Bankrupcies
- Free Terminal or
Internet
Setup
| |
| Discount %: |
%
Varies |
| Transaction Fee: |
$
Varies |
Monthly
Maintenance |
$100.00 |
| Processing Limit |
unlimited |
| Setup Costs: |
$995 |
- Rates determined by type of
business and amount of monthly
volume.
- Retrieval fee
$15
- Chargeback Fee
$25
- Internet access to
credit card reports.
- Copy of Tax
Return
- Copy of Checking
account statements required
- Copy of current processing
statements
- Any Legal
Business
- Process through
Internet
- No Setup
Fee
- No Tax Liens or
Bankrupcies
-
Additional paperwork may be
required
- No other
fees
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