Merchant Card Queries

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simplyjoe

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What is the normal charge for merchant charges. A client of mine is being charged 1.666%.
They have also asked her for a business plan and details of the source of her finance for her new business. Is this normal? Seems extra-ordinarily overkill!
 
Business plan etc. to get a merchant card ! Sounds rediculous, never had anyone been asked for that.

As to rates have seen as low as 1.25% and up to & over 2% . It all depends on the expected volume. The higher the volume the lower the rate one can argue for. ( & there is a bit of arguing so I'd get them to shop around on the merchant cards ) . Businesses that might have more credit card sales could expect lower rates.
 
simplyjoe said:
What is the normal charge for merchant charges. A client of mine is being charged 1.666%.
They have also asked her for a business plan and details of the source of her finance for her new business. Is this normal? Seems extra-ordinarily overkill!
Click to expand...

1.66 seems to be reasonable - I'm at 1.5% after haggling, so you should be able to get it down to this level.

The acceptance of credit cards is a banking issue and all of the providers will want the same documents that opening a bank account requires unless the merchant card service is associated with the bank.
 
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