Explanation of the Monthly Minimum
A minimum amount you will be charged in relation to the Discount Fees (%) for your monthly Visa/MasterCard sales, based on the amount listed in the fee schedule on the application under "Monthly Processing Minimum (explanation)".
You will pay the Monthly Minimum (for example $15) OR your Discount Fees (for example 2.19% x sales), whichever is greater.
NOTE: You will never be charged the monthly minimum and your discount fees.
Example 1 does not meet the minimum: you process $500 in Visa/MC sales for the month. ($500 x 2.19% = $10.95). You will be charged an additional $4.05 at the end of the month to meet the monthly minimum of $15. ($10.95 + $4.05 = $15)
Example 2 meets the minimum: you process $1000 for the month. ($1000 x 2.19% = $21.90). You will be charged $21.90 in Discount Fees so you have easily met the monthly minimum of $15.
NOTE: You will still pay the monthly Service Fee, monthly Gateway Access Fee and your Transaction Fees where applicable.