MTOT Disc is your Merchant Total Discount Fee. The charge is one that is levied by a variety of merchant account providers. It is essentially a processing fee. These fees can range, costing anywhere from a few bucks (sometimes as low as $40) to $150 annually. Fortunately, there are a number of ways to reduce your MTOT Disc fees.
They should be visible on your merchant account statement, and they should be clearly marked. As noted above, you should know exactly what you will be paying in MTOT Disc fees on a monthly basis. If the fee amount will change, you should know exactly when they will change, how much they will change by, and what spurred the change.
Bankcard MTOT Disc means Merchant Account Total Batch Discount Fee.
MTOT DEP means Merchant Account Total Batch Deposit.
Nope. And yes, we understand the confusion… but the term “Bankcard” is both an industry term and a part of the name of our company. 🙂
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Are Bankcard MTOT Disc fees transparent?
Well, they should be. Unfortunately, often, they aren’t. Indeed, far, far too many merchants pay this fee without ever even realizing that they are paying it, or to whom they are paying it. This happens because a bank will often directly remove the MTOT fee from your bank account. It is also a separate fee for any other processing fees. This means that it can often be easy to miss or confuse with another charge. A reputable merchant account processing service will unquestionably be upfront with what their MTOT Disc fees are, usually laying them out in a sales call or contract, and making sure that you fully understand what you will be paying and when you will be paying it. Unfortunately, this is not every vendor.
If you find that a vendor is lying to you about MTOT Disc fees, or that they are not telling you what those fees are and that you have to go digging through your contract for them, you should seriously reconsider your choice of vendors. After all, if they are lying to you about this, what else are they lying to you about? There can also be added confusion here.
Some merchants use the word “Bankcard” when making this notation on your statement. This can further disguise the true nature of this fee and make you think that you are being charged by the company’s Bankcard. This is not the case, and you should address any concerns with your merchant account processor.
Aren’t there laws to require the disclosure of Bankcard MTOT Disc fees?
Well … no. Less than reputable merchant account providers can come up with a variety of ways of hiding these fees. They may not tell them to you or attempt to slot them into a contract in other ways, such as by trying to intermingle them with other fees. This can get confusing for merchants and can result in you getting ripped off. Of course, this doesn’t mean that a merchant can charge you fees that they aren’t explicitly allowed to charge you in a contract.
If you believe that you have been ripped off or are illegally being charged fees by your merchant processor, you can contact an attorney for appropriate legal advice. Alternatively, you may want to consider reaching out to your state Attorney General. Every state has consumer protection bureaus that can assist you in protecting your financial interests and ensuring that you have the ability to file a complaint against a vendor who is charging you in violation of your contract.
How can I keep my MTOT Disc fees low?
Despite the lack of transparency that sometimes comes with MTOT Disc fees, there are plenty of ways to keep aware of these fees and find ways to keep them low. These include:
- Shop around. There’s no reason that you should be paying particularly high MTOT Disc fees. Indeed, many companies will offer reduced fees based on volume, or if you let them know that you are shopping around and considering proposals from a variety of merchants.
- Pay attention to your statement and make sure you fully understand what your fees are and why you are being charged them. This can ensure you aren’t being inappropriately charged fees.
- Ask. Don’t be shy – these companies are here to turn a profit and don’t want to lose your business. As such, find out what your options are to lower your MTOT Disc fees. This may also involve finding out if there are alternative credit card payment plans that can offer you reduced fees.
If you are looking for an excellent Merchant Account Provider that also is transparent with its fees, we’ve got you covered! We offer a large range of high-risk merchant service solutions that can fit almost any kind of business need. Furthermore, we offer a variety of different payment options, including true zero cost credit card processing.