Credit Card Processing


Credit card processing is a must for businesses if they don’t want to miss out on sales, but the various fees can be difficult to figure out.

How it works

When a customer uses a payment card to make a purchase, the credit card processor will send the relevant information and request for authorization to the credit card associations (such as Visa) and the banks that have issued the cards, for approval and payment. There are myriad fees involved in having this facility - some that can be avoided or negotiated, and some that can’t.

Fees that can’t be avoided

The largest fees that you will be paying are those charged by the credit card association for each transaction. These are published online for each provider and they are non-negotiable.

Fees that should be compared

In addition to those basic transaction fees, the card processor will charge a markup. How much that is can be difficult to see, as some processors wrap these up with the basic fee, whereas some list them separately. An interchange-plus account will list the markups separately in your statements, so are the most transparent.

Monthly fees that cover queries raised by phone, IRS reporting fees and chargeback and statement fees can all vary between providers, so you should look for the lowest rates.

Fees that can be avoided

Most good providers won’t charge basic annual fees, monthly minimum transaction fees, or online statement fees. You should also be able to avoid set up fees if the provider is keen to get your business.
Some companies will offer a free payment gateway if you’re processing transactions online. If using a credit card terminal, it’s better to buy these for a relatively small cost upfront rather than paying the ongoing costs of leasing.
Avoiding charges for PCI non-compliance, early termination, and chargeback for fraudulent transactions (by using the Address Verification Service) can reduce unnecessary costs.
Encouraging customers to use contactless payments and debit rather than credit cards, can also save you money.

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