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Fee Structure for Sonepco Federal Credit Union Members
Note: Pricing on this page pertains only to accounts utilizing iTransact as the merchant account vendor and Retriever as the merchant account processor.
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Service Fees
- Credit/Debit Card Merchant Accounts:
- Monthly Statement Fee: $7.00
Near the beginning of each month, the merchant account processing bank mails you a statement which details all fees for the previous month.
- Annual Membership Fee: NONE
Many merchant account providers charge a membership fee, often up to $100.00 per year. No such fee is assessed to Members of the Sonepco Federal Credit Union.
- Electronic Check Conversion:
- Monthly Statement Fee: $7.00
This fee will be collected and drawn from the depositing bank account.
- Transaction Percentage: 1.20%
For each transaction, the merchant will be charged 1.20% of the transaction amount.
- Transaction Fee: $0.25
For each transaction, the merchant will be charged $0.25 per transaction.
- Monthly Minimum: $25.00
Each account will be required to pay the greater of a $25.00 minimum or transaction fees in excess of $25.00
- Equipment Price: $279.00
Electronic check imager/reader will work in conjunction withe the credit card terminal to create electronic transactions.
- Annual Fee: NONE (Waived for SFCU members)
- Setup Fee: NONE (Waived for SFCU members)
- Internet Gateway Accounts:
- Setup Fee: $149.00
This is drafted at the time of merchant account approval from the depository checking account provided. This is for your merchant account, iTransact payment gateway/virtual terminal.
- Monthly Maintenance Fee: $25.00
This is for processing credit/debit cards over the internet and establishing recurring billing and payment plans with clients.
Credit Card Transaction-Related Fees
- Authorization Fee: $0.25
This is a flat fee for each attempted card transaction (charge, credit, or void) and each batch settlement. A batch settlement is the aggregation of transactions for deposit into (or withdrawal from) your checking account, and automatically occurs once on each business day for which you have one or more successful transactions.
- AVS Fee (Internet Gateway Transactions Only): $0.05
This is a flat fee for each attempted purchase. AVS (Address Verification Services) is used to inform you whether the address and zip code your customer provided matches the information on file with his/her credit card bank.
- Visa/MasterCard Discount Rate: 1.75% (normally 1.80%)
This is a percentage-of-transaction-amount fee for each Visa or MasterCard charge or credit. For example, on a $100.00 purchases, a 1.69% discount rate yields a fee of $1.69.
This discount rate is for what Visa/MasterCard deem qualified transactions. Nearly all transactions are qualified. However, some transactions (for example, purchases made with corporate cards or foreign cards) are deemed mid-qualified or non-qualified.
- Discover and American Express Fees:
- Discover's fee structure is virtually identical to Visa and MasterCard's, and there is no additional monthly fee for Discover Card acceptance.
- American Express typically charges merchants a minimum of $5.00/month to accept American Express cards. iTransact will initiate membership, and setup will occur at the time of Visa/MasterCard merchant account application. Note: Accounts with American Express are relationships between the merchant and American Express only and are initiated by (but not maintained by) iTransact.
Special Circumstance Fees
- Checking Account Change
If you change the checking account associated with your merchant account (i.e., your checking account used for deposit of your customers' payments and withdrawal of fees), Retriever will charge a $25.00 processing fee to the new account.
- Chargeback
If a cardholder contacts his/her bank saying a charge from you is erroneous, the bank may reverse (chargeback) the transaction. In that scenario, Retriever assesses a fee of $25.00. In some cases involving MasterCard chargebacks, MasterCard may assess an additional $50.00 handling fee.
- Voice Authorization
The iTransact virtual terminal eliminates the need to call the processing bank for card authorization assistance. If you do call the bank for such assistance, however, they bill "voice authorization" fees. Please contact iTransact for more details.
How do I get answers to additional questions?
Please call iTransact at 702-949-7560, email, or use our online support system.
| To get started or for more information
on these services, please contact your account manager
Cody Johnson at 702-949-7560.
EMAIL: c.johnson@itransact.com
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