Read the tiny print. Vendors use the same pool of financial institutions and gateways. It is a very competitive and lucrative market. They make money from markups to the fees, and additional service charges. In my talks with vendors, only if asked, did a few of the reps disclose the additional costs. One rep told me to read the contract carefully, but he can't give me the contract or discuss rates until he has my application.

Varying fees and rates can be applied to digital payment processing agent specific card type (MC, Visa, AMEX, Discover, personal, business, and rewards card). The industry term for this is Qualified vs. Unqualified cards (unqualified having the higher unadvertised rates of course). Read your contracts carefully, especially the footnotes.

What's important? Keep in mind rates are not fixed, most companies can change the rate with 30 days notice. Finding a service provider with a solid reputation, flexible policy, provides good customer service, and 24/7 technical support is more important than the fees. An indicator of a good vendor is transparency into their company and if they ask in-depth questions about your business.f