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I received my quote from Barclays this morning regarding merchant facilities.
They are as follows:
Charge Per Applicable Transaction:
Card Sales: 1.649%
Terminal Type: ePDQ MPI
Set Up: £150.
Monthly Management Fee: £25.00
Monthly Transaction Fee: 2%
Non secure Transaction Charge: 0.85%
Charges do not include VAT
I anticipate minimum revenue of £40k in first year. My unit sales average £675.00 so at 3.649% I am looking at approx £25.00 charge for each transaction.
Are these charges reasonable? To me they seem a little excessive but I've yet to do my research.
I selected Barclays because customers wont have to leave my site to make payment.
I'm just about to start some serious research into my options and the charges from each provider and would appreciate any advice on offer.
Not sure what Monthly Transaction Fee: 2% is for? Is that charge on top of the card % fee, if so that's newish and i am not charged this. In saying that a charge of 1.6% on CC is good for such low turnover so maybe you can ask them about this.
If the customer uses a business card the % can be higher.
Wait till you see Amex charges, lol.
You will also need to add on a % charge for the "Payment Processor" unless this Monthly Transaction Fee: 2% is that. You will need that to take CC transactions.
If so that is too high, you should be paying 1-1.5%, this figure can be brought down a lot more with higher turnover.
Then you have the yearly charge of the SSL certificate.