Are there any monthly fees for accepting Discover Card or American Express?
Discover’s discount rate and transaction fee is the same as Visa/Mastercard. American Express charges a transaction fee, but instead of a discount rate, for just $7.95 a month American Express allows “keyed” merchants to process up to $5000 per year, resulting in an effective discount rate of just 1.59%. American Express Corp. will determine a discount rate for your specific business for amounts processed over this amount. Top Do I need a business license? You need to have documentation showing you have registered your name — such as a business license, trade name registration, dba certificate, etc. Each state has its own requirements. Generally, sales in interstate commerce are not taxable at this time. Check with your state’s Dept. of Revenue as to the taxability of sales within your state. Top What is the discount rate? Every processor charges a discount rate. The minimum discount rates are set yearly by the Visa/Mastercard Association. The discount rate is the percentage of each t
