Merchant services can add up to significant costs for a business, so it is important to get the best deal possible when choosing a merchant account provider. But it’s also important to remember that the best deal isn’t always the lowest price. Many providers that advertise low rates may also include hidden fees, which can surprise businesses later and lead to higher expenses over time.

Here are some of the most common hidden fees to watch out for when comparing merchant accounts:

PCI compliance fees

PCI compliance fees are, unfortunately, a regular visitor on payment processing statements. To eliminate this fee, businesses must prove that they meet the standards set by the Payment Card Industry for data security, known as PCI. Therefore, when using a merchant account comparison tool, always prioritise providers that ensure their terminals are fully compliant with these security standards.

Statement fees 

Many payment processors charge a fee just for issuing your monthly statements, which can be surprising. While switching from paper to digital statements might help reduce costs, it typically doesn’t eliminate these fees altogether. If you want to avoid statement fees entirely, you’ll need to negotiate with your processor before finalising your contract. Assess whether the effort is worth the small savings, and make sure you’re not overpaying for a service that costs providers very little to provide.

Monthly minimum fees 

Just like banks can charge you for not keeping a minimum balance, payment processors can do the same if your transactions fall below a set amount each month. Some of them even apply this fee daily, so if you don’t process any transactions on a particular day, you could still end up paying a fee as if you had. Talk to your provider about monthly minimum fees, and if they do have a minimum requirement, it’s time to look for another one that doesn’t.

For a reliable online merchant account comparison tool, head over to www.cardmachine.co.uk. Our merchant account comparison tool is designed to help businesses find the best payment processing solution for their unique needs and budget.