Monthly Fee: ZERO! There is no monthly service fee for iTransact MA Lite. On or soon after the 10th of each month, you are billed only for the total of the previous calendar month’s fees listed below. This amount is drafted from the checking account you provided upon activation (the same checking account into which your customers’ payments are deposited). iTransact also sends an email delineating the charges. If there has been no activity, there is no billing (and no email).
Discount Rate (Keyed Transactions): 3.00% This is a percent-of-transaction-amount fee for each charge that comes through your portal or where you type in the card information yourself. For example, on a $100.00 purchase, a 3.00% discount rate yields a fee of $3.00.
Discount Rate (Swiped Transactions): 2.60% This is a percent-of-transaction-amount fee for each charge where the card information is fed through the card reader into the iTransact Mobile app. For example, on a $100.00 purchase, a 2.60% discount rate yields a fee of $2.60. Note that MA distributors who don’t have iTransact are charged 3.00% by MA for each credit card sale, so having iTransact results in no additional transaction fees, and swiped transactions actually cost less.
Transaction Fee for Refunds: 15 cents When you issue a refund on a previously charged transaction, there is no discount rate (percent-of-transaction amount) fee for the refund. Instead, there is a simple 15-cent fee.
Other/Special Circumstances Fees
MA Rewards Program Whether or not you have iTransact, your customers’ “Paid to Shop” Cashback rewards are funded by you. If you didn’t have iTransact, MA would deduct these amounts from your profits. Since you have iTransact, they instead appear as a line item on your iTransact billing. Details.
Retrieval If a cardholder contacts his/her bank questioning the validity of a charge from you, their bank may initiate a retrieval of transaction information. In that scenario, there is a fee of $15.
Chargeback If a cardholder contacts his/her bank saying a charge from you is erroneous, their bank may reverse (charge back) the transaction. In that scenario, there is a fee of $25.