To accept credit card payments from your customers, you must have a merchant account. Merchant account providers typically charge two types of fees when they process your credit card transactions: merchant discount fees and merchant service fees.
Merchant discount fees are based on a specified percentage of the sales transaction. Discount percentages depend on one or more of the following factors:
Discount fees are charged daily (when sales transactions are processed) or accumulated and charged at the end of your merchant account statement cycle. Check with your merchant account provider for a discount fee schedule.
Note: For merchant account operating procedures, fee schedules, and statement information, see the Virtual Terminal User Manual, available from the Help menu in Virtual Terminal.
Merchant account service fees can include setup fees, minimum monthly transaction fees, monthly service fees, and so on. Types and amounts of service fees depend on your merchant account provider. Some merchant account providers require you to purchase a credit card swipe terminal, which reads and transmits credit card information for approval.
Online merchant account providers accept and authorize credit card payments via a secure Internet connection and do not require a swipe terminal. You can sign up for Sage Payment Solutions to store credit card information and process credit card transactions through Sage 50.
Tip: If you use Sage Payment Solutions and have set up an online merchant account, your payment transaction can be viewed online using their Transaction Management menu.