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Credit Card Rates Guide
Low Risk Merchants (LRM) (E.g. General eCommerce sites)
Medium Risk Merchants (MRM) (E.g. online dating, high ticket electronics)
High Risk Merchants (HRM) (E.g. adult, online pharmacy)
3.5% - 4.75% 4% - 6.5% 5.5% - 9.5% Please note: These rates are for guide purposes only. Very high volume merchant accounts can be assigned rates that fall out of the indicated ranges.
How does Payovation set rates and fees?
Payovation splits merchant accounts into one of three (3) following risk categories:
- Low Risk
- Medium Risk
- High Risk
The category your merchant account falls under is determined by evaluating the risk your account presents, including the following four risk factors:
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Industry sector – Different industry sectors are more prone to fraud and negative public perception, which hence makes some sectors more costly and less desirable to process for. Regardless of the sector you trade in, Payovation can help your business with a suitable processing solution.
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Location – Different regions around the world have historically been heavily targeted for fraud, which hence increases the risks for a processor to accept merchants in certain locations. Also there are variations in regulations regionally, which can vary the operational costs for a processor. Payovation can accept merchants from almost any location around the world.
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Credit rating – For new online businesses with no credit rating or for established businesses that have a bad rating, getting a merchant account can be difficult. At Payovation, we will accept applications from merchants with any type of credit rating.
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Processing history – Merchants that can supply previous processing statements showing volume and chargeback levels are more likely to secure a better rate with a processor, as it is easier to accurately predict processing volumes, average ticket values and chargeback percentage.
The above four factors determine what banks we can choose to integrate your site with via our gateway, with each bank charging Payovation different fees and rates. Listed below is a guide to the fee range merchants can fall within based on the risk category.
Fees
Application Fee
Upon receipt of a completed merchant application, a Payovation processing consultant will match your site with the best acquiring bank currently integrated to our gateway. Upon successfully matching your business to a bank and submitting your documentation, a $275 application approval fee will be charged. If your application is declined by all available banks, no charge will be made.
Transaction Fee
Payovation will charge a per transaction fee at a rate of USD $0.40-$1.35 depending on the acquiring bank matched to your business and volume of transactions.
Refund Fee
Payovation will charge a per refund fee at a rate of USD $0.40-$0.80 depending on acquiring bank.
Rolling Reserve Fund
5% - 10% of processing volume will be held back for 180 days as a security deposit.
Chargeback Fee
A fee of USD $25.00 - $150.00 will be charged for every transaction that is "charged-back" by a customer, depending on the acquiring bank and charge back percentage.
Wire transfer Fee
We typically charge a fee of USD $50.00 per wire transfer to Merchants, however in some cases this may be lowered depending on the acquirer.
Payouts
Payment in most cases is weekly, at 10-14 days (depends on bank) in arrears. For high volume accounts this can be shortened.
How can I receive a rates estimate before I apply?
Payovation can provide you with a rates estimate quickly and easily. Just fill out the rates estimates form below.
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