Checkout Fee Processing
Pass Credit Card Charge on to Customer for Any Merchant Type.
- 3.5% Checkout Fee added to transaction for credit cards only.
- Merchants only pay 1% and .25 cents per transaction on debit cards only.
- Works for any card type: Visa, MC, Discover and AMEX.
- Save on average $30 per $1k processed each month.
A Checkout Fee is an additional fee that a Merchant adds to a Consumer’s bill when a credit card is used for payment.
Merchant Broker Direct has the technology and process that outlines specific requirements for a Merchant to have the ability to offer Checkout Fee Processing. Since its’ original offer in late 2015, thousands of Merchants across the U.S. are saving thousands to tens of thousands annually by choosing Checkout Fee Processing.
Requirements:
Merchants must be located with a place of business in a non-prohibited state for the program. Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas currently prohibit Checkout Fee Processing.
Checkout Fees may be applied to credit card transactions only. Debit cards are prohibited by PCI to apply a Checkout Fee with a $10k penalty per occurrence.
Must have a Virtual Terminal with Magnetic Swiper and/or a fully integrated Hosted Payments Page for Ecommerce to run transactions. Virtual Terminal is $100 plus S/H and Hosted Payments Page is FREE. Virtual Terminal can be used for Manually Keyed transactions only on a Internet connected tablet or smart phone.
Merchant must be registered with PCI to be on the program which can take up to 30 days. We will handle this for each Merchant.
Merchant must inform its’ Customers of the Checkout Fee with appropriate signage that is provided to the Merchant at signup. Signage must be placed at the Store Entrance and at the Point of Sale.
The amount of the Checkout Fee cannot exceed the Merchant’s retail cost of acceptance or 4%.
The Checkout Fee must be on the receipt as a separate line item, which we will setup for each Merchant, and must be processed together with product or service sold as one transaction.
Markets with high rates of adoption of Checkout Fee Processing:
- Attorneys
- Automotive
- Associations
- Bail Bonds
- Car Dealerships
- Churches/Non-Profit
- Chiropractors
- Cosmetic Surgery
- Carpet Cleaners
- Dentists/Orthodontists
- Electricians
- Gun Shops
- Heavy Equipment Rentals
- Hospitals
- Home Repair
- Insurance Companies
- Property Management
- Veterinary Offices
If you do not see your market segment, and wonder if this product would be a good fit, contact us for more information.
Is this legal? Is it compliant?
Absolutely! As long as the location of your business is not in a prohibited state, you can do Checkout Fee Processing.
I may lose customers by charging an additional fee.
If you average ticket is $100, and you have a Checkout Fee of 3.5%, the customer only pays an extra $3.50. Most customers will not be turned away be an additional $3.50 cents on $100.
Under the old rules, Merchants were required to pay the cost of accepting credit cards without help from the group of customers that created these costs. As a result, businesses increase prices for all customers, forcing customers who paid with cash or debit cards to subsidize those who use credit cards. Imposing a Checkout Fee creates fairness to all customers in regards to price for goods and services rendered.
If you would like to see how many thousands of dollars can be added to your bottom line, contact us so we can audit your current business with a Merchant Account Statement. Most of our current customers saved $5k to $20k annually by introducing Checkout Fee Processing.
