Every merchant services credit card processing system will entail fees. Be sure when finding merchant services in the USA that you understand what you would spend for the privilege to accept credit card payments. Some cards will cost more to manage than others.
What Type of Business Do You Run?
Credit card processing costs can be higher, depending on the business you operate. A high-risk entity might spend more on these charges due to the added risk of chargebacks.
A merchant service company will charge a fee alongside whatever the interchange rate is for a credit card. Host Merchant Services typically adds 0.20% or more plus 10 cents for each transaction you process, for example.
Interchange Costs Vary By Card
Card companies will charge different interchange values, with the totals varying surrounding your business class and your risk. Visa and MasterCard will charge up to 2.5% on average, while American Express could charge 3% or more for each transaction. This difference makes it to where some retailers may not accept American Express cards due to the extra costs associated with the card.
Keyed-In or Swiped?
You would spend more on keyed-in transactions on average than if you swiped a card. The extra cost for keying in a card comes from the added effort necessary to review and transmit data. You could spend half a percentage point more on each keyed-in transaction than if you swiped a card. Having the right terminal on hand to accept cards is a necessity for helping you keep the transaction costs down.
Don’t Forget Other Costs
These merchant services credit card processing charges can go alongside other costs surrounding reporting fees, gateway fees, and PCI compliance charges. You can contact a credit card processing team like Host Merchant Services to learn more about what you might expect to spend on services to see what works.
