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First Data Credit Card Processing Rates
Checks and cash are quickly becoming a thing of the past. If you don't accept credit and debit cards, your customers will simply find another place to shop that offers the convenience.
First Data has been a provider of retail merchant accounts since 1988. The company serves small and large business, providing bundle packages that offer everything you need to begin accepting plastic, either in a storefront or online.
First Data has a high approval rate, so don't worry if your business' credit rating isn't as high as you'd like. The company works with all the major credit card companies, provides a secure payment portal, and offers 24-hour customer support.
Setting Up a First Data Merchant Account
The first step in setting up a First Data merchant account is filling out an application. Then, First Data will conduct a credit check. Be prepared to send the company a business check so they'll know where to deposit the proceeds from your credit and debit card transactions. You'll also need to provide your company's federal tax ID or the owner's social security number.
Now it's time to consider what you want. First Data offers plans for retail, internet, and mobile credit card payments. The company also offers a variety of services beyond just traditional credit and debit card processing. They include:
- Real-time check processing
- Check cashing services
- International credit and debit card processing
- Monthly reporting tools
Small businesses that are looking to save money might want to stick with a basic credit and debit card processing plan. Larger businesses with a higher volume or credit card sales will want to consider some of the more advanced services they offer.
First Data Merchant Account Average Costs
First Data, like all merchant account providers, keeps a portion of each credit or debit card purchase in exchange for providing the service. The fees are complex and vary from transaction to transaction. Once the fees are deducted, First Data will deposit the remaining balance from credit and debit card transactions into your business account.
With First Data, the start-up costs are relatively low. However, the recurring monthly and transaction fees are higher than some other companies.
- Retail accounts with First Data have an average per-transaction fee of $.30 to $.40, along with a "discount rate" of 2% to 3% of each transaction. The customer service fee is $10 to $20 per month. You'll also have to buy a credit card terminal and printer for a one-time fee of $200 to $300.
- Internet accounts have a per-transaction fee of $.25 to $.35 cents and a discount rate of 1% to 2% or $25 to $35, whichever is greater. The monthly gateway service charge is about $20 to $30 and the monthly customer service fee is $10 to $20.
- Mobile service comes with a higher setup fee of $800 to $1,000 for the terminal. Monthly fees include $20 to $30 for wireless access and $10 to $20 for customer service. The transaction fee is $.35 to $.50 and the discount rate is 1% to 2% percent.
Unlike some merchant account providers, First Data does not charge application or set up fees.