logo logo

Major Credit Card Processing Fees In Take Card Payments

Major Credit Card Processing Fees In Take Card Payments

It would come with a price when you’re accepting credit card payments on your business. The exact fees of credit card in take card payments you’re responsible for are dependent upon the equipment you need and your payment processor take card payment. There are two unavoidable and major fees involved in this process, such as markup of your payment processor and the interchange rate.

If you are accepting credit card payment in your business, here’s some information about major credit card processing fees you’re responsible for.

Take Card Payments Major Credit Card Processing Fees

1. Interchange Rate

Usually, the four major companies of credit card such as Discover, Visa, Mastercard, and American Express will charge a fee for using their products. The interchange rate is a fee when you using the product for a credit card. Rates in the take card payment transaction can vary among the level of risk and card companies. For the card company, an in-person transaction may less risky than an online transaction. It is because there’s less chance of fraud if the merchant can verify the identity of the customer. Card networks may consider certain industries and businesses riskier than others which can result in a heftier fee.

2. Markup Fee

Markup fee is actually how the processor makes money off each transaction of take card payments. The processor will charge a markup or an additional fee on top of the interchange rate standard if the handle your payment for interchange rate fees. The additional or markup rates can be vary depending on their payment plan and your particular processor, as well as the risk of fraud involved in the transaction. There are a few types of payment plans you might know, such tiered plans, flat-rate plans, and interchange-plus plans.

So, it is important for you to know about credit card processing fees before using credit card payments for your business. Those are some information about major credit card processing fees in take card payments that you need to know.

bottom

Comments are closed.

bottom
Share This