Credit Card Processing Fees (2023 Guide) – Forbes Advisor – Forbes

Credit card processing fees are the fees that a business must pay every time it accepts a credit card payment. There are multiple types of fees associated with each transaction, and fees can vary depending on the type of credit card accepted.

Interchange Fees

The interchange fee is a payment made directly to the card issuer for the swiped transaction. Fees may vary based on the type of card being used, the amount of the transaction and the industry the business is in. For example, credit card companies may charge higher interchange fees for online purchases since fraud is a bigger problem with these types of transactions.

Payment Processor Fees

The merchant services processor, also called a payment processor, can also charge a fee to facilitate the transaction. Merchant services fees include monthly fees, per-transaction fees, equipment lease fees and statement fees. This is how a processor makes its money since it gets none of the interchange fees.

Assessment Fees

Assessment fees are fees paid directly to the credit card network so that the merchant can use certain credit cards. This fee is based on monthly sales, not per transaction. When combined with the interchange fee, merchants refer to the total as a swipe fee.

Transaction Fee

$99 per month + $0.08 cents per transaction

Transaction Fee

$29 per month + 1% for debit cards

Transaction Fee

Starting at $59

Transaction Fee

2.6% + $0.10 per card-present transaction

Verisave Develops Innovative Strategy for Tackling Credit Card Processing Fees for US Businesses Using Exclusive Data and Market Insights – Yahoo Finance

Salt Lake City, Utah–(Newsfile Corp. – December 20, 2022) – Verisave, a cost reduction firm based in Salt Lake City, has developed a unique approach to managing a very complicated expense: credit card processing fees. The goal of this approach is to leverage exclusive data and market insight to provide tailored solutions that address the specific needs of each client.

Where many cost reduction consultants rely on power negotiations with vendors, RFPs, and operational improvements, these approaches alone do not achieve significant savings when it comes to merchant account costs. Often, even a company’s processing vendor is not able to keep up with the constantly changing, multi-faceted payments industry, or the rule changes that are rolled out by major credit card processors every year. Verisave’s goal has been to fill this gap, utilizing industry knowledge and benchmark data, allowing them to update their clients’ account settings and access the optimum fee rates.

Jeremy Layton

Doing so requires working in tandem with their clients’ processing vendors, rather than beating that vendor up on pricing. This uncommon, collaborative approach to cost reduction results in an additional 15-25% reduction in fee costs, as opposed to price negotiations alone. “For many companies, this is a significant win…especially those who cannot or do not wish to change vendors,” Jeremy Layton, CEO of Verisave mentioned.

“While other companies will just go back to the merchant and beat the rates down, we look at exactly how the business is utilizing their credit card processing, audit the account for errors and overcharges, and then make changes to their settings to optimize their processors for future transactions,” Jeremy Layton said. “We’ll fix all of those overcharges and errors with nothing out of pocket until we bring that money back to our clients. We are in the business of partnerships with clients we work with. We get nothing until they get something.”

Through their understanding of the industry, backed by decades of combined team experience, Verisave understands that there are countless ways to lower credit card processing fees. While Verisave works to reduce their clients’ costs, they provide full transparency of the existing merchant fees, optimization to the lowest possible rate, all applicable industry and card-type discounts, and even a reduction of interchange fees. A key element of their strategy is ongoing monitoring of their client’s accounts to ensure the fees remain as low as possible long-term.

Kent Low, Co-Founder of Verisave added, “It’s not just a matter of getting better rates, it’s about staying proactive in the face of constant rule changes… changes that can cause a significant cost increase if they aren’t watched closely, understood thoroughly, and addressed in a timely manner.”

Verisave partners with companies in various industries and business models to optimize their credit card processing fees. While business-to-business credit card transactions are often more complicated and offer more room for improvement and potential savings on processing fees, many B2B retail or eCommerce merchant accounts are subject to similar complexities and would benefit from this optimization.

“Almost every company that accepts credit cards as a form of payment is being overcharged on processing fees in some way. But this can be fixed,” added Kent Low.

Utilizing its strategic consulting approach to cost reduction, the firm has been able to save clients over 100M$ in processing fees over the past 5 years.

To learn more about Verisave, visit www.verisave.com.

About Verisave

Verisave is a cost reduction firm specializing in credit card processing fees and merchant account consulting based out of Salt Lake City in Utah. Verisave works with clients to secure significant refunds or reduce average credit card processing fees for merchants by 10-30 percent without switching away from current processors, accounting systems, or point-of-sale technology. They help increase profitability by reducing operational costs with zero risk, upfront expense, and disruption. Verisave prides itself on upholding values like transparency, clarity, and responsiveness with its clients, which is key in a confusing industry.

Contact :
Joe Wise
[email protected]
verisave.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148237

How to avoid the new credit card processing fees – The Province


If credit cards are your preferred payment type, new processing fees will sting. But use them as motivation to change spending habits and get out of debt.

File photo of credit cards. Bloomberg

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Q: I heard in the news that anyone who accepts credit cards as a form of payment could start charging extra fees. With the cost of living already being so high, I was hoping that that wouldn’t happen. But I got a notice from my cell phone company that they would start charging me a small percentage when I pay with my Visa card. While the fee is less than $2 a month for me right now, if everyone charges me a bit, it will add up quickly. What can I do? ~Roger 

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A: Merchants are charged a fee when their customers pay by credit card. The credit card processing fee is called an interchange fee and is a percentage of the purchase amount. The amount of the fee also varies by the type of card you use; the more perks for the cardholder, the higher the fee for the merchant.  

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In the past, retailers were forced to absorb these fees as a cost of doing business and they were prohibited from passing them along to their customers. Earlier this year a change was made to the agreements between retailers and Visa, MasterCard, and other credit card companies. As of this fall, businesses can now pass these fees along to their customers.  

Where do credit card processing fees come from? 

If these surcharges just sound like another cash-grab to you, it can help to understand where credit card processing fees come from. To do that we need to take a step back; Canadians love their reward cards. Whether it’s cash back, points for merchandise, or travel rewards, Canadian consumers are loyal collectors. However, as you work towards your next “free” trip, rebate, or appliance, did you ever stop to think how your “free” reward might be funded?  

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Depending on the reward, the costs are either fully or partially offset by transaction processing fees. And whether you pay the fee as a surcharge on your bill to your favourite retailer, or the retailer raises their prices slightly to avoid passing the fees onto their customers, there is no free lunch.  

Limits around the new surcharges 

As with any fee or surcharge, it pays to be aware of what you’re being charged and what the rules pertaining to the surcharge are. As part of the rule change around interchange fees, merchants are required to give consumers at least 30 days’ notice that they will be implementing a fee to recoup their processing fees. The surcharge can’t be more than the retailer pays and it is capped at 2.4 per cent overall. Merchants must also be clear with their customers at the time of payment that a cost recovery fee is being charged. 

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Money management tips to keep surcharges at their lowest 

In the short term and as retailers determine if and/or how they will pass the surcharges on to their customers, most consumers likely will not reduce their reliance on credit cards for everyday expenditures. Living costs are at record highs. Credit card use is on the rise. Online shopping is safer and more secure for those paying with credit cards versus other forms of payment. The pandemic marked a decline in the use of cash. Ongoing consumer trend surveys report that nearly half of all Canadians have difficulty making ends meet and don’t have the ability to manage unforeseen expenses from the savings they have on hand.  

While you may rely on credit cards to make ends meet, pull back and evaluate your spending habits during this time when everyone is adjusting to the fees. Wherever possible, shop at retailers who aren’t passing the surcharges on to their customers right away. Choose merchants who implement a small flat-fee option that allows for fee-sharing between them and their clients, rather than passing the whole fee on to their customers.  

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Not every retailer will implement credit card processing surcharges. It will depend on what their competition is doing, how loyal they believe their clientele is, and what industry they are in. Stores that sell essentials, e.g. groceries, alcohol, or fuel, may be the first to implement them because they know that consumers depend on what they sell.  

Recurring bills or subscriptions, especially those with locked-in contracts, could be next. Most consumers feel more comfortable allowing a charge on their credit card versus giving an entity access to their bank account. Consider setting up a separate bank account that you only use for payments. It can be a killer budgeting strategy and also save you money on the new fees. Further, debit cards, even those with a credit card logo on them, use the Interac system. It is a much cheaper option for merchants and is not part of the new surcharges and interchange fee system. 

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It will take a little time for the processing fees to filter to the front lines because computer systems need to be updated to allow for the various fees, staff need to gain familiarity with the changes, and proper 30-day notice must be given.  

During this period of transition, take the time to review your budget. If you are teetering closer to the edge than you’d care to admit, reach out to a non-profit credit counselling organization in your area. They can help you outline a budget and show you how to get a month or two ahead. This will give you peace of mind and allow you to pay with debit or cash, rather than credit, to avoid all of the surcharges.   

While you’re reviewing your finances, also review your credit card benefits. Are you taking advantage of all they offer? If you only get one percent cash back on most of your purchases, but you need to pay a surcharge of more than that, the main reward of the card isn’t benefiting you. Contact your credit card provider and switch to a no-perks card. Look for cards with no annual fee and minimal rewards of any kind. They will charge the lowest processing fees. Also check with your favourite retailers. Many have free loyalty programs that could be worth taking advantage of now that credit card programs are more costly. 

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FCAC Credit Card Comparison Tool 

The bottom line on credit card spending when faced with a surcharge 

Credit, and by extension debt, has become much too normal a part of Canada’s culture. Rather than collecting as many rewards as possible and racking up debt in the name of points, change your spending habits to avoid paying the new credit card processing fees. Time will tell if spending more mindfully is the silver lining to this change in how the processing fees can be collected. 

  1. The positive impact of an attitude of gratitude on your finances

  2. How to manage through a no-income crisis

Related reading: 

4 Ways to Tell If Reward Credit Cards are Worth It for You 

Credit Card Mistakes That Can Ruin Your Credit Rating 

Will a Credit Card Limit Increase Help or Hurt Your Finances? 

Scott Hannah is president of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Scott by email, check nomoredebts.org or call 1-888-527-8999.  

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    Credit card processing issues continue at Meijer, store points finger at Chase Bank – WZZM13.com

    This is the third time in the past month Meijer customers have dealt with issues related to its credit and debit card processing system.

    MICHIGAN, USA — Meijer is once again experiencing credit card processing issues in its stores, the grocery chain announced on their website Friday. 

    The store says they are unable to process any credit cards at this time and are working to resolve the issue. 

    This is the third time in the past month Meijer customers have dealt with issues related to its credit and debit card processing system.

    Meijer released a statement regarding the ongoing errors:

    “Chase Bank continues to have stability issues with the payment processing systems it uses to service many retailers. Unfortunately, Meijer is one of those affected retailers and we are frustrated by the customer experience these issues have created for our shoppers. Chase assures us they are working to correct the issues, and we apologize to our customers for the inconvenience this has caused.”

    Chase Bank believes they have been able to restore select card processing to Meijer.

    Chase Bank released a statement to 13 ON YOUR SIDE in response to the issues:

    “We are very sorry for the inconvenience this has caused Meijer and their customers. As of 5 pm ET, select card processing has been restored while we work to fully restore all processing.” 

    Make it easy to keep up to date with more stories like this. Download the 13 ON YOUR SIDE app now.

    Have a news tip? Email [email protected], visit our Facebook page or Twitter. Subscribe to our YouTube channel.

    Finding Hidden Fees of Credit Card Processing Can Increase … – Total Food Service

    Npressfetimg 2092.png



    Article contributed by Jeffrey Shavitz

    I have worked with over 20,000 business owners with the goal of them understanding a crucial element of their business: Credit Card processing.

    Total Food Service has asked us to analyze the data from our look at those credit card processing programs with a goal of understanding and bringing some additional savings to your operation in 2023. We’ve found that the pace of life for today’s restaurateur, CEOs and entrepreneurs find them engulfed in putting out the fires of daily operations. Consequently, the attention to credit card transactions and the corresponding costs are not being properly addressed.

    It’s obvious that credit card acceptance with the explosive growth of takeout & delivery continues to rise as a form of payment. However, it is important to avoid the pitfalls associated with taking a credit card for payment and understand different issues that will affect your profitability.

    The approach, I want you to take is to look at this exercise as the update of a program or system, not just an attempt to find the best price for yet another line item on your restaurant’s P&L.  Yes, the word “program” is critical as there are different programs and solutions depending upon the needs of your restaurant. What is your rate is the most common question asked?  Yet the “base rate “is only part of the equation. The credit card industry has numerous “hidden costs” which can, and will, inflate credit card costs.   When analyzing your credit card statement, there are over 500+ Interchange fees, gateway fees, PCI fees, annual fees, regulatory fees, transaction fees, cross border fees, (and many others) that comprise your “effective rate”.

    As more technology and SAAS based solutions enter the restaurant space (i.e. Toast, Lightspeed, Revel, UpServe, Clover, TouchBistro, just to name a few), it is becoming more confusing to analyze credit card fees as many of these above solutions bundle a flat and/or blended rate into their monthly SAAS fee.   

    It’s easy to jump to the conclusion that all Interchange fees are the same. Yes & No! You can visit Visa and MasterCard and see many published Interchange fees.   Yes – these rates are all disclosed in black and white; however, it is important to “optimize interchange” which, in layman’s terms, means ensuring that all transactions are “optimized” and hit the lowest interchange fee. For example, if a consumer pays their restaurant bill on a corporate card vs. a rewards cards vs. a personal credit card will create different fee classes and corresponding costs for the merchant. For instance, are the majority of your transactions swiped (card present) or manually entered, or transacted through a mobile app and/or the internet). Think about your restaurant and determine the percentage of swiped transactions, take-out orders and mobile transactions throughout the month; depending on this blend will determine the most advantageous way to set up your merchant services’ program. 

    Visa and MasterCard maintain different rate structures for different types …….

    Source: https://news.google.com/__i/rss/rd/articles/CBMiX2h0dHBzOi8vdG90YWxmb29kLmNvbS9maW5kaW5nLWhpZGRlbi1mZWVzLW9mLWNyZWRpdC1jYXJkLXByb2Nlc3NpbmctY2FuLWluY3JlYXNlLXByb2ZpdGFiaWxpdHkv0gEA?oc=5

    How Restaurants Can Minimize Impact of Credit Card Processing … – QSR magazine

    The foodservice industry is transforming at an electric pace and quickly adopting new internal services like scheduling software, digital inventory tracking, digital reservations, and automated purchasing tools for lightning efficiency. Most consumers use credit cards to purchase for convenience, but this payment represents a considerable drain on quick-service restaurants’ bottom line. As an unstable economy looms, restaurants may soon shift to another model to cut costs. By passing on interchange fees to the consumer, restaurants may soon get the capital needed to withstand and grow during the looming recession.

    According to an Incisiv study, 2020 fundamentally changed customer behavior and the role of digital across industries and geographies. While it was a disastrous year for restaurants overall, limited-service restaurants needed to invest in upgrading their digital capabilities and, in turn, saw massive growth in digital sales. A record 61 percent of surveyed customers order food digitally at least once a week, up from 29 percent a year ago.

    A reported 76 percent of quick-service revenue comes from takeout and home delivery compared to 61 percent of fast-casual restaurants as of 2022. While COVID mitigation was the spark that fueled this digital dependence, the ease of digital ordering and expansion of different fulfillment options will ensure digital usage as the industry standard, even as customers resume normal activities and increase their restaurant visits. While many digital processes have evolved, quick-service restaurants still have a long way to go to meet customer expectations while improving their bottom line.

    Credit card processing fees rank a shocking third-highest cost of doing business behind the cost of food and labor. As restaurants work to recover from the impact of the pandemic, interchange fees or “swipe” fees continue to curb their ability to grow and thrive. Although these fees can hinder long-term stability and growth, innovative credit card processing software, services and solutions can mitigate the impact of rising interchange fees.

    As more consumers use credit cards to pay for dining, the swipe fees continue to mount, eating into razor-thin margins that average about 3–5 percent in the restaurant industry. A Federal Reserve Bank of San Francisco Diary of Consumer Payment Choice report revealed that consumers continued to use credit cards and debit cards for most of their payments, accounting for 57 percent of total payments in 2021 compared to 55 percent in 2020 and 54 percent in 2019. Recent credit card fee hikes are also eroding restaurant profits. In April, Visa and Mastercard raised transaction fees which are estimated to cost U.S. business owners an added $1.2 billion in fees.

    Credit card processing fees have more than doubled over the last decade. According to the Nilson Report, U.S. merchants who accepted credit cards as payment for goods and services paid $105.23 billion in processing fees last year, an increase of 25.1 percent. Nilson Report data also revealed that credit cards accounted for 76.3 percent of total processing fees paid by U.S. merchants in 2021, up from 75.9 percent in 2020. 

    While restaurants have no control over the interchange fees set by card companies such as Visa and Mastercard, they can cut costs by selecting a payment processing company that tailors merchant services to the needs of each client. Rising credit card fees coupled with increasingly thin profit margins and general inflation make it challenging for many franchises to stay in business. To help recoup the cost of accepting cards, many restaurants are raising the prices of menu items, and other full-service restaurants are adding a credit card surcharge to bills. 

    Quick-service restaurants have unique payment processing needs. One size fits all solutions can result in overpaying for underutilized services and technology. Since 2020, quick-service restaurants have had low levels of innovation in their advanced ordering and payment options. Service solutions like allowing the customer to pay through PayPal, build a group order via a shared cart, and pay at the time of delivery are all still unavailable to most customers across the major quick-service restaurants brands, despite a desire for them.

    In an increasingly cashless society, credit card processing fees are a high cost of conducting business for any restaurant. Quick-service restaurants don’t control those interchange fees, but they can better control costs with the payment processing services and software they use to accept credit cards. A tailored approach that provides transparency and custom options for consumers through innovative processing software, services and solutions can help restaurants drive growth while still mitigating the impact of rising interchange fees.

    Cliff Green, a 31-year-old New Jersey native, has been revolutionizing the way merchants and consumers communicate through transactions since he was 21 years old. As founder and CEO of Green Payments, a national payment processor, Green utilized his expertise and dedication to the mission of empowering merchants of all sizes to achieve financial freedom. Over the past several years, Green has helped nearly 200 merchants per month reclaim their financial stability while tripling his own company’s revenue, generating more than $1 billion in consumer payments each year.

    It’s Beyond The Register Episode 7: Credit card processing and … – Miami’s Community Newspapers

    Miami’s Community Newspapers promotes local news and events in your community to you and your neighbors. Find out what’s really happening in your neighborhood with Miami’s Community Newspapers.

    Miami’s Community Newspapers services the areas of: Aventura, Biscayne Bay, Coral Gables, Cutler Bay, Doral, Homestead, Horse Country, Kendall, Miami Beach, Palmetto Bay, Pinecrest, South Miami, Sunny Isles, and West Park.

    Office: 305-669-7355
    Legal Notices: 305-284-7376
    Advertising: 305-661-9200
    Submit a Press Release

    Credit Card Processing Fees (2022 Guide) – Forbes Advisor – Forbes

    Credit card processing fees are the fees that a business must pay every time it accepts a credit card payment. There are multiple types of fees associated with each transaction, and fees can vary depending on the type of credit card accepted.

    Interchange Fees

    The interchange fee is a payment made directly to the card issuer for the swiped transaction. Fees may vary based on the type of card being used, the amount of the transaction and the industry the business is in. For example, credit card companies may charge higher interchange fees for online purchases since fraud is a bigger problem with these types of transactions.

    Payment Processor Fees

    The merchant services processor, also called a payment processor, can also charge a fee to facilitate the transaction. Merchant services fees include monthly fees, per-transaction fees, equipment lease fees and statement fees. This is how a processor makes its money since it gets none of the interchange fees.

    Assessment Fees

    Assessment fees are fees paid directly to the credit card network so that the merchant can use certain credit cards. This fee is based on monthly sales, not per transaction. When combined with the interchange fee, merchants refer to the total as a swipe fee.

    Transaction Fee

    $99 per month + $0.08 cents per transaction

    Transaction Fee

    $29 per month + 1% for debit cards

    Transaction Fee

    Starting at $59

    Transaction Fee

    2.6% + $0.10 per card-present transaction

    What To Research When Choosing A Credit Card Processing Company – Forbes

    CEO, National Retail Solutions (NRS). NRS POS, NRS DIGITAL MEDIA, NRS PAY, NRS FUNDING and NRS PETRO: Helping independent retailers succeed.

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    In recent decades, it has become more common to rely on electronic methods for payment. Paying with cash is a rarity and is usually seen as an inconvenience. Therefore, trying to avoid processing companies would cause more harm than good. This is why it is important to pick the one that works best for your business. Doing research before committing to a processing company can save you time, money and stress. In this article, I’ll present a few factors that merchants must look into before selecting a credit card processing company.

    Transaction Fees

    The first aspect most merchants look into with processing companies is the transaction fees. Each time a customer uses a card in the store, it costs the business owner money. In the United States, consumers are moving away from cash transactions. Instead, they prefer to use debit and credit cards or touchless transactions when shopping. Each time a customer uses a card, the merchant is charged a transaction fee, which is how processing companies make money. Therefore, it’s important to know what the transaction fee is before signing a contract with a processing company.

    These fees can vary, though the average is between 1.5% to 3.5% per transaction. Nevertheless, they add up over time and can cause a dip in the merchant’s profits. Furthermore, these fees are more damaging to small businesses because their larger counterparts have opportunities to make deals that they can’t. So it’s also important for merchants to stay up to date with processing companies’ partnerships and policies.

    Cancellation Fees

    Let’s imagine a scenario. A merchant of a small coffee shop is looking for a better way to integrate electronic payments for their customers. They receive a call from a processing company that offers them a seemingly great deal. Instead of researching the company, they accept the offer. A few months later, they realize they made the wrong decision. They have been losing money, experiencing many technical issues and engaging with terrible customer service. The merchant decides to end its partnership with the processing company. But when they look into the contract, they realize that if they end it early, it will cost them a fortune. So they’re forced to either stay with the company or pay a high cancellation fee.

    To avoid cancellation fee issues, consider asking other merchants, reading reviews and closely looking over your contracts are all important before committing to a processing company. Hiring someone to read a contract for you could be beneficial. Finally, it is important to compare different companies before selecting one.

    Lack Of Transparency

    The above example represents another factor merchants must consider: whether the processing company they’re considering is transparent about its operations. Some are known for hiding their processing rates, changing costs within similar companies and hiding aspects of their policies until after the merchant has signed a contract. This is a struggle that hits smaller businesses the most because they don’t have the resources that larger merchants do. Small merchants often do not have a team of lawyers ready to aid their every decision.

    Nevertheless, even though these practices are common, merchants can avoid falling victim to them. Researching a variety of processing companies can save you from future trouble. It’s also important to stick up for yourself and your business. Some processing companies get away with their dishonest practices because merchants don’t speak up. So, be sure to do your research and negotiate contracts instead of taking the first deal offered.

    Individual Needs

    Finally, it’s important to recognize your different wants and needs when it comes to processing companies. For example, you may want the ability to accept a range of payments, such as Apple Pay, greater fraud protection or the option of mobility. Not every processing company can offer what you’re looking for, so it’s vital to know your standards to make the best decision for your business.

    Regardless of what a merchant is looking for, research can greatly benefit them. It will help them figure out what a processing company thrives in and what they lack. Nevertheless, it can still be beneficial to check in with other merchants about processing companies!

    Doing research before choosing a credit card processing company can lead to a long, successful relationship with a trustworthy provider. There are many processing companies to choose from, but it’s not impossible to find reliable ones. As long as you do the proper research, you’ll be able to make these critical, informed decisions.


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    Credit Card Processing Fees (2022 Guide) – Forbes Advisor – Forbes

    Credit card processing fees are the fees that a business must pay every time it accepts a credit card payment. There are multiple types of fees associated with each transaction, and fees can vary depending on the type of credit card accepted.

    Interchange Fees

    The interchange fee is a payment made directly to the card issuer for the swiped transaction. Fees may vary based on the type of card being used, the amount of the transaction and the industry the business is in. For example, credit card companies may charge higher interchange fees for online purchases since fraud is a bigger problem with these types of transactions.

    Payment Processor Fees

    The merchant services processor, also called a payment processor, can also charge a fee to facilitate the transaction. Merchant services fees include monthly fees, per-transaction fees, equipment lease fees and statement fees. This is how a processor makes its money since it gets none of the interchange fees.

    Assessment Fees

    Assessment fees are fees paid directly to the credit card network so that the merchant can use certain credit cards. This fee is based on monthly sales, not per transaction. When combined with the interchange fee, merchants refer to the total as a swipe fee.

    Transaction Fee

    $99 per month + $0.08 cents per transaction

    Transaction Fee

    $29 per month + 1% for debit cards

    Transaction Fee

    Starting at $59

    Transaction Fee

    2.6% + $0.10 per card-present transaction