Merchant Service Provider

Will a merchant service provider offer me transaction reporting?

Yes. Almost all merchant service providers will offer you transaction reporting in at least one form - mailed statements, emailed statements, statements available online, and statements available via telephone. Usually these statements are compiled at the end of the month or billing/processing cycle, but a lot of companies are now offering detailed reporting that is available almost all of the time, and can be accessed by telephone or on a website. Transaction reporting, in general, will include information on all transactions, including date and time the transaction was placed, how long the transaction took, and, of course, the amounts of money involved.

Can a merchant service provider prohibit chargebacks?

No. This is an extremely unethical practice, and thus does not happen very often. A chargeback, which is essentially a reversal of a transaction, happens in only unique situations. These situations include instances of double-charging, the expiration of a credit card, bank errors, and disputes that are filed by a customer, or by the customer's bank or credit card provider on behalf of the customer. Each merchant service provider will have their own guidelines and restrictions and processes regarding chargebacks, so make sure you ask them about their policies so that you are well informed.

Is there a merchant service provider that doesn't charge a monthly fee?

In most cases, you will find that the only merchant service providers that don't charge monthly service fees are the ones that aren't very reputable. You see, a merchant service provider charges a monthly fee that goes towards the upkeep and servicing of your merchant account. However, if your monthly transaction and discount rate fees add up to the amount of your service fee or more, it is very possible that your merchant service provider will waive those fees. Of course, you will need to check with your merchant service provider to be sure.