Q. What are the most common fees associated with a credit card processing system?
What are the most common fees associated with a credit card processing system?
Usually, a processor charges some percentage of every transaction with few other costs like statement fees, flat fees, or minimum monthly merchant fees for a credit Card Processing System. But the most common fees associated are:
• Interchange Fees: This refers to a fixed fee that card issuing bank charges for the transactions and these rates are set by credit card companies.
• Assessment Fees: This is the total monthly processing fees for each card brand and paid to direct card associations.
Asked in CategoryBanking
Is it a good idea to join banking? What happens to your money when you put it in a bank? Will it help consumers' financial lives? If youre fed up with your financial status, you need something that can help you- a bank. But, theres a time when choosing a bank is a hard decision. Banking services had now reached to a much larger section of the society. Putting money in a bank doesnt remain locked up - instead, it basically helps other people by lending the money at rates and you depositing customers gain a small amount in return.
- 1 view overall.
- Asked on