Hidden Fees When Switching Processors
By Robert Staschak | Custom Payments LLC
This article provides insights on Hidden Fees When Switching Processors. For more information or to discuss how this applies to your business, please contact us.
Key Takeaways
- • Understand the basics of this topic
- • Learn how it affects your business
- • Discover best practices
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Frequently Asked Questions
What are the most common hidden fees in merchant services?
The most common hidden fees include PCI non-compliance fees ($20–$120/month), monthly minimums, batch fees, statement fees, annual fees, early termination fees, and interchange downgrades. These can add $100–$300/month beyond the advertised rate.
How do I find hidden fees on my merchant statement?
Look for line items labeled 'non-qualified', 'mid-qualified', 'EIRF', 'standard', 'regulatory', 'network access', or 'monthly minimum'. Request an itemized fee schedule from your processor and compare it to your actual monthly statement.
How do I switch processors without paying an early termination fee?
Review your contract for the exact cancellation terms. Many contracts have a 30-day notice window. Some processors waive ETFs for businesses switching to them. Custom Payments LLC can review your contract and advise on the best exit strategy.
How long does it take to switch payment processors?
Most businesses can switch within 1–2 weeks. Custom Payments LLC handles the entire transition including equipment, setup, and staff training at no cost.
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