A Complete Guide To Credit Card Processing Fees For Small Business!

Credit card processing fees can be one of the most confusing parts of running a small business. The good news is that understanding what these fees are and how to reduce them can help you save money and make sure your business runs smoothly. Here's a complete guide to credit card processing fees for small businesses:


1. Interchange Fees: Interchange fees are set by card networks, like Visa and Mastercard, and they typically range between 1.5% to 3%. These fees are non-negotiable and are assessed on each transaction your business processes.


2. Assessment Fees: In addition to interchange fees, you’ll also need to pay assessment fees. These are determined by the card networks and typically range from 0.10% to 1%.


3. Transaction Fees: A transaction fee is usually charged per-transaction and can range from a few cents to several dollars depending on the processor you’re working with.


4. Processing Fees: Processing fees refer to any fees charged by the processor for facilitating the transaction. These fees may include a setup fee, monthly fee, or other similar fees.


5. Card Network Fees: Lastly, you’ll need to be aware of any card network fees that your processor may add on to each transaction. These can include a surcharge, authorization fee, or other fee.


Once you understand the fees associated with credit card processing, you can start to shop around for a processor that offers competitive rates and features that suit your needs. Additionally, make sure to ask each processor about any additional fees they may have so you’re not surprised when it comes time to start processing payments. With the right information and approach, you can help keep credit card processing costs to a minimum.


By following this complete guide to credit card processing fees for small businesses, you can make sure your business runs smoothly and save money on costly processing fees. 

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