![]() ![]() ![]() Rather than using averages as your benchmark, try tools that provide you with best-case rates for your specific business, and use that as your measuring stick. The fact is, there are many costs involved, from interchange and assessments to processor’s markup, which can include statement fees, monthly fees, PCI fees, and more. Underestimating processing fees at this stage will hurt your new business when it’s most vulnerable. It’s very difficult to assess whether you have competitive pricing by comparing your rates to averages, and going by general numbers can be dangerous, especially if you’re figuring processing expense for a new business. Higher costs don’t automatically mean you’re getting a bad deal, but can mean it’s worth digging deeper. Your particular business may have higher or lower costs. Remember, these costs are general averages. The average cost for card-not-present businesses, such as online shops, is roughly 2.30% – 2.50%.īusinesses that have CardFellow memberships will pay about 0.20% – 0.50% less than the rates above. So, what do businesses pay for credit card transactions? If you’re looking for quick numbers, here you go: the average credit card processing cost for a retail business where cards are swiped is roughly 1.95% – 2% for Visa, Mastercard, and Discover transactions. Just remember your actual costs may be a little higher or lower, depending on any number of factors. However, we can still provide very rough numbers to give you a starting point. Those with CardFellow memberships will pay about 40% less in fees than businesses that don’t, even when using the same processor. It also depends on whether you have a CardFellow wholesale credit card processing membership or if you obtained your merchant account outside of CardFellow. ![]() What your business pays in processing fees depends on a number of factors, including your industry, the type of card, how you accept cards, if you take PIN or signature debit, and more. ![]()
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