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Merchant Accounts Which is Meant For High Risk Mer
Merchant Accounts Which is Meant For High Risk Mer
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cramerjohn004
73 posts
Sep 27, 2022
9:48 AM
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A large church with a strong finance department, a large amount of financially supportive parishioners, and with good outreach into the community may do well with a full service merchant account. A smaller church may find it easier and more cost effective to simply set up for a 'debit only' machine easily accessible to parishioners.
Costs and Fees
If your church's merchant North American Bancard Sales Partner account is set up properly as a non-profit organization, your monthly service fees can be as little as $15 or $20 dollars per month to as much as $40 or $50 depending on the processing company or bank you choose. Your rates should generally be quite low and should be more reflective of the 'interchange cost plus' pricing model which means that your rate would only be a fraction higher than the rate that the credit card company charged to the bank initially. Definitely stay away from 'tiered' rate pricing if you can. For example, if the provider offers you a rate of 1.70% "plus" that is indicative of tiered pricing.
Equipment such as terminals, mobile card readers etc can be purchased, leased or rented. Equipment easing is usually the favored approach. An outright equipment purchase is the most cost effective solution for churches with sufficient funds.
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