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Other Fees
Typically, these are some of the other costs an acquiring bank may levy:
- Joining fees or set up fees – to cover the costs of setting up a new account.
- Minimum Monthly Service Charge (MMSC). This is a minimum fee which will be applied by an acquiring bank where their merchant service charges (MSC) for accepting cards during the month is less than the MMSC. For example, with an MSC of £17.50p for that month and a MMSC of £20, an acquiring bank would make a charge of £20 for the month. Over time, as a merchant’s business grows, they are less likely to pay a MMSC.
