Merchant Account Fees

At Helcim, we are dedicated to bringing transparent and affordable pricing to all Canadian merchants. Our public website shows our complete merchant account rates, with no surprises at the end of the month.

Visit www.Helcim.com for more details on our solutions.

The Five Most Important Questions to Ask About Your Rates

Below is a list of the five most important questions you should always ask your credit card processor before signing up for a merchant account. These questions will help you avoid the majority of hidden fees charged by most processors in Canada.

1. What is my non-qualified discount rate?

Most processors will tease you with a "qualified" discount rate, such as 2.49% for online processing. It is imperative that you ask what your non-qualified discount rate is, since most processors will discreetly insert a non-qualified such as +1.00% in your application's paperwork. Almost all online transactions are considered non-qualified by Visa and MasterCard, making your true rate 3.49% when using the example above.

2. What are the assessment fees?

Although not as common for online processing, many retail merchants experience the hidden costs of "assessment fees". Many processors will tease them with "qualified" discount rate, such as 1.56%. However, these rates almost always come with an "assessment fee", such as +0.20% that applies to all of their transactions.

3. What are the monthly minimums?

On top of monthly fees, most processors will charge a "monthly minimum" for each credit card brand accepted. These often range between $10 to $20 for Visa and MasterCard per month. If you do not accumulate that amount in processing fees, you will be charged the difference. These not-so-friendly business practices can be very costly to small business owners.

4. Are there any extra monthly fees?

Merchants will want to make sure that all monthly fees are mentioned by their processor, such as additional statement fees, gateway access fees, package fees, monthly minimums and any other ongoing costs.

5. Is there a non-refundable application fee?

Beware of processors who ask for your credit card information during the application process. Many of them will charge you a non-refundable application fee regardless if they approve your business or not.

Why do processors always want to see my processing statements before giving me rates?

Instead of advertising affordable rates on their website, most processors will only provide you with slightly better rates then you are currently receiving. This way they can keep charging high fees to most merchants.

What are settlement fees and push fees?

Some processors will charge you a "settlement" or "deposit" fee every time your processed funds are sent to your bank account. Others will charge a "push fee" to have funds deposited daily, and otherwise only offer weekly or monthly deposits.