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Do I Need a Merchant Account?
| That's a good question. Most serious businesses accept credit cards, however, if you're just starting out, you may want to consider other options like a third party processor like paypal standard, for example. Here's a good rule of thumb: If you earn $2,500 or more per month from your website it is generally more cost effective to have your own merchant account. (The break-even point is much lower for an offline account.) Example: $2,500 from 75 sales Paypal standard 2.9% of $2,500 = $72.50 $0.30 x 75 = $22.50 Total fees $95.00 Merchant account - online 2.25% of $2,500 = $56.25 $0.25 x 75 = $18.75 Gateway = $10 Statement = $10 Total fees $95.00 |
