What Are Credit Card Processing Fees and Costs?
When it comes to understanding your credit card processing fees and costs, it’s
important to first understand the different types of fees that can be associated
with your account.
There are three main types of fees:
1. Transaction Fees: This is the fee that is charged each time a credit or debit card
is used to make a purchase. The fee is typically a percentage of the total purchase
amount, and is paid by the merchant.
2. Authorization Fees: This is a flat fee that is charged each time a credit or debit
card is authorized, whether or not the purchase goes through.
3. Monthly Fees: This is a recurring fee that some processors charge in order to
maintain your account.
In addition to the main types of fees, there are also a number of other costs that
can be associated with credit card processing. One of the most common is the
cost of equipment, such as a point-of-sale terminal or swiper. You may also be
charged for monthly statements, customer service, and other administrative costs.
When it comes to choosing a credit card processing company, it’s important to
understand all of the fees and costs that are associated with the account. This will
help you to choose the best processor for your business and ensure that you are
getting the best deal possible.
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