Merchant Service Charges Explained
- What is a merchant service charge?
- What are the things to look out for?
- Who provides the cheapest card payment processing rates?
Merchant Service Charges, known as (MSC) are the charges taken on every credit and debit card transaction that the business accepts. The majority of businesses compare merchant accounts this way, however the cheapest rate, does not necessarily mean it is the best deal for your organisation.
Merchant Service providers will usually quote a percentage fee, but you should be aware, that this may not be the same for each type of card.
For example, you may be quoted a different MSC percentage fee, depending on whether it is a debit or a credit card or whether it is a Visa or Mastercard (or another card scheme such as American Express). Equally, business and commercial cards and international cards will be charged separately.