Credit Card Rates Explained – Understanding What You Are Really Paying


Do you know what you are really paying to process credit card transactions? Understanding your true credit card rates can be confusing. Your bank may advertise one low rate, but the rate you actually pay is usually significantly higher. In fact, you may get that advertised rate on only a very small percentage of transactions. All Merchant Processors have their own way of presenting fees and transaction charges, so it is often difficult to make apples to apples comparisons amongst companies competing for your business. The following sections break down the components of the charge to process credit/debit card transactions. Sometimes these fees are hidden, but they are always there in one form or another. The Two Components of a Credit/Debit Card Transaction Each time you process a credit or debit card transaction, you are charged an inquiry fee and a percentage of the total transaction. The inquiry fee is a flat amount, typically between 20 cents and 35 cents. The percentage charged,
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