CREDIT CARD PROCESSING FEES

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There are certain fees that traders need to pay for processing credit cards via a merchant account. Some of the credit card processing fees associated with merchant accounts are mentioned below –

- Address verification fees or AVS – This is the fee that a merchant has to pay for performing address verification. This fee is usually charged if a trader has to key-in the transactions when the mag-stripe doesn’t work.

- Chargeback fees – This fee is charged by financial institutions such as banks when chargebacks are issued to traders. This fee generally varies from $15 to $30 for each transaction.

- Check guarantee fees – This fee is structured similar to the fees charged for processing of credit cards. This fee mainly involves application fee, monthly minimum fee, statement fee and transaction fee.

- Check verification fee – This fee with not assure checks. Check verification just checks if the writer of the check has a good or bad check writing history. There is no fee percentage associated with the process of check verification.

- Debit fees – This fees is on the basis of the debit network which issues debit cards. Debit fees usually comprises of transaction fees and network fees.

- Discount rate (for each transaction) – This is the fee that a merchant has to pay to ac acquirer for processing each transaction. The discount rate depends on a number of factors, but is generally an Internet / MOTO merchant or a retail merchant. Retails rates will be lesser as the risk involved is less when compared to card-not-present transactions. Card-not-present rates are usually higher as they present higher risks.

- Online payment gateway fees – This is the fee that is charged on a monthly basis for maintaining a trader’s payment gateway. This fee usually involves transaction fees, gateway fees and set up fees. The gateway fees usually ranges between $10 and $25. The transaction fees is anywhere between 0.05 and 0.15 of the sale.

- Investigation fees – This is the fee charged by banks for investigating merchant transactions.

- Monthly fees – Monthly fees is charged for producing monthly transaction statements. This usually consists of total charge, average ticket amount and total sales per day. The monthly fee is inclusive of consumer services.

- Retrieval fees – When a merchant poses a request for retrieval, he/she will be charged with the retrieval fee for processing the request.

- Transaction fee – This fee is charged in order to authorise transactions.

- Wireless fees – wireless terminals need wireless networks for processing transactions. For wireless access, a monthly fee is collected which ranges anywhere between %15 to $30. An additional fee for every transaction will also be charged which ranges from 0.05 to 0.30 for every transaction.

There are a number of credit card processing fees that can either be reduced or avoided completely. Do some amount of research or homework to find out the rates offered by the various credit card processing firms. Choose the one that is best suited for your business type.