Credit card processing fees are an inevitable part of doing business these days. However, the structure and calculation of these fees can be complex and confusing. Read below to learn what our experts at IntelliPay have to say about breaking down the basics of credit card processing fees so you can have a better understanding of how they work.
Interchange Fees
Card issuers charge fees to acquiring banks for processing transactions. These fees vary depending on the card type used, the payment method, and other factors. Typically merchants pay all these fees. However, by using payment processing solutions from IntelliPay, you can easily pass on credit card processing fees to the customer and save some money. Read our Real Costs of Credit Card processing here for a more detailed explanation of interchange fees.
Assessment Fees
Card associations such as Visa, Mastercard, Discover, and American Express, charge assessment fees to help fund various programs and initiatives. These fees are typically a small, fixed amount per transaction and are passed to merchants as part of their processing costs. Merchant services like IntelliPay can help cut down on these fees.
Payment Gateway Fees
If you use payment gateways like PayPal to process card payments, you may also be charged a separate fee for this service. Payment gateway fees can be a monthly fee, a per-transaction fee, or a combination of both. IntelliPay offers an all-in-one platform for receiving all types of payments regardless of channel, simplifying your workflow and reducing your cost of doing business.
As a business owner, you need to know how processing fees work . Instead of causing yourself stress and headaches trying to figure out the intricacies of credit card processing fees, trust IntelliPay. Contact us today to find out how our payment processing solutions and payments options that shift processing costs to consumers can save you money and time, so you can get back to running your business.
