5 types of hidden commissions, on which the payments cheat customers

Business owners should understand the true cost of using a payment provider’s services. Although many of them advertise low rates and convenient services, they also impose hidden fees on their customers without disclosing them in advance. These hidden fees can accumulate over time and eat up all of the business’ profits. Let’s take a closer look at some of the most common hidden fees charged by payment service providers and learn tips on how you can avoid them.

The top common hidden fees from payment providers include:

1. Currency conversion fees. Payment “partners” may put a markup on the exchange rate, which leads to unplanned expenses for conversion.

2. Transaction processing fees. Did you think by default that the function of payment processing providers is payment processing? Some of them don’t agree with you, apparently, because they take a separate amount for each transaction. What the main sum of the contract covers in such a case is a mystery.

3. Chargeback fees. Are you a high-risk project owner who often has to deal with chargebacks? When partnering with a fraudulent provider, every chargeback may cost you a pretty penny. An unpleasant and often fatal surprise for high-risk merchants.

4. Monthly or annual surcharge. Some payment providers, in addition to the amount of the basic contract, assign additional regular fees. The rationale may vary, but the benefit (to the provider, of course) is obvious. For the business, however, it results in unreasonable costs only.

5. Inactivity fees. Providers may charge a fee if there is no activity on the account for a certain period. Took time out to re-evaluate projects or to plan? Plugged in a payment provider a little earlier than the actual market entry? Pay up.

To avoid being scammed on hidden fees, businesses should carefully review the terms of contracts with potential payment partners, and ask about commissions and fees not mentioned in the contract in advance. Or just partner with Betatransfer. As a top payment service for high-risk businesses and beyond, we aren’t trying to scam our customers. We think in the long term and care about our reputation and, ultimately, about your benefit.