I'm going to take credit cards over the phone/fax. That means I need some kind of virtual terminal.
I contacted my bank (Bank of America) and got following quote:
- Set up: $130.00
- Monthly: $37.99
- Monthly Minimum: Waived
- Statement Fee: Waived
- RATES PER TRANSACTION: 3.1% + .25 (cents)
I was wondering:
- What is Bank charging for service and what is First Data charge?
- Is there alternative more affordable providers? I may need to process 1-2 payments per month MAX.. Authorize.NET was cheaper on all items but they don't have Merchant Account. Does it mean that BofA charges 3.1% for Merchant account?