What Are Hidden Charges
Take a look at other merchant services websites – They will say in most cases no hidden charges
What Does this mean?
Hidden Charges – Are other fees you will be charged for that are in your contract and you should have read about and your sales representative should have explained to you
We all work to achieve goals in pressured environments and do not do always what we should, then maybe regret it later
With io Pay it is simple card terminal fees and monthly fees. Removing or reducing other charges depending on the best option for your business
Hidden Fees Explained
PCI DSS Charges/Security Fees
(PCI DSS) security standards are designed to ensure that your company accept, process, store, or transmit credit card information maintain a secure environment. these fees usually range from £4 to £15 per month plus non-compliance fees can be up to £45 a month
Authorisation Fees.
These fees apply if a request is approved or declined. The Average Auth fee is 4.5p, which means for every authorised or decline costs you Running a busy retail shop, cafe, or pub you could potentially be looking at upwards of £35 on your monthly bill
Hidden Fees Explained
Dashboard/Statements Fees
To view your monthly merchant statements and transactions.
The average fee for an online Dashboard is £6 per month
Minimum Monthly Service Charge
(MMSC)
If your monthly transaction charges don’t meet the minimum amount “agreed” for your account, and MMSC is applied to your invoice
The average monthly MMSC is £25
Hidden Fees Explained
Non-Secure Transaction/CNP
Any transaction that does not use chip and pin or contactless. Were The 16-digit card number is manually entered for example over the phone. increases your standard card transaction fees. This can mean it doubles the cost of your transaction
Add these transaction fees up it could be costing your business from £20 to £80 a month or even more if this is a type of transaction your business normally puts through your card terminal