Different payment gateways have different cost structures, but you will encounter a few standard charges during your research. Read on to learn about the different charges you must account for.
Transaction fees : Some payment gateways keep a small part of the charge for letting you use their app. You will either pay a flat fee per each transaction, an established percentage from each purchase, or a combination of both charges.
Monthly Fees : Some payment gateways will charge a subscription fee to let you collect money with their app. This monthly charge might vary based on the volume of payments being processed or the number of bank accounts where the payments are going.
Setup Fees :Setup fees include any costs that might be associated with setting up your payment gateway account. You will only need to pay this fee once.
Transaction Fees :When you process a payment, some payment gateways will keep a small part of the charge for letting you use their app. You will either pay a flat fee per each transaction, an established percentage from each purchase, or a combination of both charges.
Card Types :It’s important to know what types of credit or debit cards are accepted by your chosen online payment gateway. Additionally, some processors require users to link their bank accounts rather than entering a card.
On-Form Payments :If you use a pre-built form integrated with a payment gateway to collect your funds, pay attention to this factor. Some gateways will collect the payment right on the form, while others will direct users to another page to complete the purchase.
Recurring Billing :Recurring billing gives you the ability to set up a payment that reoccurs over a set period of time. If you need to bill your customers on a monthly basis without having to worry about performing this action manually, then you need an online payment gateway that supports recurring billing. Examples of companies that might need this feature include subscription-based companies or nonprofits who have repeat donors.
Payment Gateways :For every credit card transaction online and in-store, a service must communicate with the customer’s credit card company to check for sufficient funds. In-store, typically, a POS (point of sale) machine performs this action. For online transactions, a payment gateway verifies the funds.
Merchant Accounts :A merchant account is a lot like a bank account, but its purpose is to collect funds from credit card payments until they are transferred to a normal business bank account.
