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Merchant Account Processing – Internet and Wireless Processing
In this section, I will cover the basics of Internet and Wireless processing. Specifics of each of these can be found on subsequent articles or by checking out my website in the resource box at the end of this article. I also discuss other mobile card processing devices such as the new iPhone, Blackberry and Droid devices for processing on the go!
To process over the internet you are going to incur two additional charges on top of the normal monthly recurring processing charges. You will have an internet gateway set up fee, and a monthly gateway fee. The important thing to remember with internet processing is that most often you will receive the key entered rate (mid qualified) and this will be your lowest possible rate. There are certain cases where your business would be a good fit for an internet based processing solution that will allow for a swiped rate, but I won’t go into detail right now. A typical cost for the internet gateway setup fee ranges from $39 to $499. I know that is a large range, so if you are being quoted a fee on the high end of that range, you should seriously consider looking around. One of the biggest and most recognized names in internet processing in authorize.net and their setup fee is usually $199. I use and often recommend other sources that are $99 or less and will offer you the same capabilities as authorize.net. The monthly gateway cost generally ranges from $15 to $25 per month.
Internet Processing Rates
As I mentioned above, with internet processing rates, you will most often times be receiving the mid qualified rate. The other rate to pay attention to with internet processing is the non qualified rate. Most often times internet processing has 2 rates, a qualified rate which usually ranges from 2.10% to 2.75%, and a non qualified rate that
ranges from 2.90% to 3.99%. The internet processing transaction fee is typically $.25 to $.30. Most gateways should be able to “plug” into your website by using an api which any web developer will know what to do with the api code. Consult with your web developer if you have questions as to whether or not the gateway will work with your website.
Wireless processing is available for those companies that have the need. Wireless processing will require a setup fee paid to the wireless provider, as the wireless terminals work just like a cell phone usually through Sprint or AT&T Wireless, for example. A typical setup fee will range from $25 to $99, but there are companies out there that don’t charge them at all.
There is also a monthly wireless charge which ranges from $15 to 25. Wireless processing allows you to retain the ability to process at swiped rates so that you don’t have to pay the higher rate associated with key entered transaction. Typical wireless processing transaction fee ranges from $.22 to $.30. Since you are able to get a swiped rate of around 1.79%, I usually recommend to take the difference between swiped and mid-qualified rates (2.39%) and multiply it by the amount of volume on a monthly basis.
If you are saving approximately.60% x $20,000 in volume, that equates to $120 saved per month. That’s a significant amount and so it more than justifies the added cost of purchasing the terminal and paying the wireless processing monthly fee.
Wireless and internet processing are both great ways to expand your payment processing capabilities within your business. Sometimes people look at these added costs and prohibitive but with the right mindset, you can use these to drive additional business and get sales that you would have not otherwise realized.
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