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A merchant account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by the merchant account provider , but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange ...
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the " issuing bank ").
Credit card processing fees cost American households an average of $1,100 annually and are expected to continue rising unless Congress acts, some say.
Both of these fees are meant to help a business make up for any processing fees it may have to pay when you make a payment. For this reason, fees should not exceed the processing fee amount.
Visa and Mastercard say their merchant fees support businesses and consumers. Others say they only add to consumer inflation. Credit card companies adjust merchant fees.
A surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card or debit card (but not cash) which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [1]
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