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| • | Application Fees: These fees are charged when you apply for a merchant account and are quite common in the industry. |
| • | Startup fees: This fee is charged to setup your equipment and account. |
| • | Monthly fees: These are monthly fees that include reoccurring fees like statement fees, customer service fees, PCI fees, monthly minimums, etc. |
| • | Per transaction fees: These are the fees you pay for every transaction that you process. |
| • | Leases: Industry standard is 48 months but can be lower or higher based on your contract. Leases require a buyout at the end of the contract for 10% of the fair market value, returning the equipment, or an option to continue leasing. |
| • | Early termination: This fee is charged if you cancel your processing account before the agreed upon term in the contract. Terms can vary from none to five years. |
| • | Pin Debit network fees: Pin debit networks can have annual fees associated with them. There are around 10-12 pin debit networks each with annual fees ranging from $12-$16 each. Examples of pin debit networks are NYCE, Pulse, Star, Interchange Link, etc. |
| • | Authorization: Authorization is the first step in processing a card. The authorization verifies the card information and funds available. Once the authorization is approved a hold is put on the cardholders account for the requested amount of money. |
| • | Capture: Capture finalizes a sale after an authorization and queues the transaction for settlement. For many merchants, this step occurs at the end of the day when they are settling their batch. |
| • | Settlement: Settlement closes an open batch with all the captured sales and begins the process of funding the merchant. Funding typically takes 1-2 business days. |
| • | Voids: Voids are a way of cancelling a transaction before a cardholder is charged. Voids can be done while the transaction is in the open batch (before being captured). Once that transaction has been captured you are unable to void the transaction. |
| • | Refunds: A refund occurs when a transaction has already been captured. The merchant is required to process the cardholder’s card in order to receive funds back. |
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