Most merchant accounts average out at a minimum of $50 maintaining, about 0.24 cents plus .24% per transaction and a whole lot of other fees. The most expensive fee that comes to mind so far is, the setup fee, which can go as high as a $100 or more.

These fees are outrageous. The moment you sign up with a merchant account provider, you will lose money, and will continue to lose money, even as you run your business. The merchant providers make money off your business with the monthly fees and for every recorded transaction. The least these merchant providers could do is provide their services at prices that won't eat too much into our bottom line.

Bearing that in mind, I made a survey of merchant providers doing business in the United States. Most of them keep their rates as closely as possible to the average. There were a few exceptions who charged higher or lower, but I think I found the lowest. This bank offers their merchant services for as low as 10 cents + 0.10% interchange and a $20 minimum. Aside from that, they claim to have no other fees. They even advertise the fact that they do not charge setup fees. This is really good news for e-commerce start-ups.

The thing I want to know about is track record. Has anyone heard of Social Business Bank?. I'm eager to hook up with these guys, but I need some feedback first.