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Do the normal rates and fees for merchant accounts apply to mobile processing/processors?
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2 Answers
Danielle
Depends on what you consider normal.
The four party credit card model still applies including the difference in card present and not present fees.
But there are also a rising tides of alternative solution specialist who are injecting new fee's into the system. For example, if you use a card at a POS terminal in a taxi in Las Vegas you will find you are charged an additional $3 surcharge. Irrespective of you using contactless (on a card or on a phone mobile payment) or mag stripe.
If you are using your mobile phone to make a person to person payment, or to make a bill payment money or to collect money through a specialist/alternative payment firm you may also see additional fee's.
You've asked a simple question that has many complicated derivative scenarios that in the end have one answer. It depends. This area of interchange fee's and surcharges is a hotly debated item in the payments industry right now.
If you have some specific scenarios you would like to dive into, I can give you more specific answers.
I will have to agree with Bob on his response. Yes – the normal rates and fees apply regardless of how you processes transactions – but a mobile or “wireless” method of accepting payments can and will incur additional costs. Some could be based upon if you have the ability to swipe the transactions or if you will be manually (keying) them. I would be more than happy to assist, but more information is needed to truly answer this question.
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