Searching for the best credit card processing rates online can be time consuming. Save your business time by filling out the form below to compare multiple quotes from processing providers.
After setting up your merchant account for your website, you may be surprised to learn that a large amount of your expenses are eaten up by individual credit card transaction fees. Depending upon the merchant service provider that you work with, prices could range anywhere from $.10 to $.24 per transaction. This is why it is imperative to shop around with different card processing providers and negotiate the lowest transaction fee to save money on a monthly basis.
Credit card processing rates can vary greatly depending upon the payment processing service that you choose to work with. However, by becoming familiar with the terms and conditions of your processing rates and your merchant fees, you can easily calculate ahead of time to make sure that you don’t exceed your monthly budget. This will protect your investment in a credit card processor and ensure that you still make profit both monthly and annually.
When a credit card is accepted through a website, a third-party processor will deduct a range from 1 to 5% per transaction. This credit card processing rate will be sent to the card issuing company. Keep in mind that some payment processors may also add in their own percentage for their profit, which is why it is difficult to find a consistent credit card transaction fee rate.
As a rule of thumb, MasterCard and Visa charge the least in credit card processing rates, while American Express and Discover are more expensive. This is why you will typically find many small businesses that only offer MasterCard and Visa as payment options on their website. However, if you can afford to do so, it is best to offer as many payment options as possible in order to cater to more customers.
A payment processor will also charge their own credit card transaction fee for each purchase made, ranging from $.10 to as high as $.50 in some cases, depending upon your credit score. This will be billed with your credit card merchant fees on a monthly basis, which require you to process a certain monetary amount per month. Credit card merchant rates normally start at a minimum of $15 but vary per provider.
A credit card swipe fee is charged when a credit card is processed in person. This swipe fee is normally the amount that a credit card provider will charge, deducting that percentage from the total cost of an item. To date, it is illegal for retail stores to set a minimum purchase amount in order to compensate for this swipe fee, but it often happens anyway.
An online credit card transaction will be charged the same percentage by a credit card provider in addition to the individual credit card transaction fee of $.10 to $.24 per transaction billed by an online payment processor.
We paid $0 for setup and the card reader. Two free months and $12.95/mo after.
- Buyer from Health Care Industry, Orlando, Florida
We purchased a wireless credit card machine for $699.00 plus the merchant service agreement on top of that. The total dollars are based on sales.
- Buyer from Business Services, Litchfield Park, Arizona
I paid $699 for a wireless credit card processing terminal, with the promise of a $300 rebate. The service I signed up for is called Interchange Plus, charging 0.2% over the Interchange rate for all transactions, so 1.43% of the transaction, plus $0.11 per transaction. This was a special deal for being a non-profit.
- Buyer from Non-Profit Agency, Bellevue, Washington
We are paying a $10.00 minimum monthly fee, no cancellation fee, no setup fee, no contract. I use my mobile phone for transactions, get $250.00 put in my account after 2 months, and receive low credit card fees.
- Buyer from Construction Industry, Hoschton, Georgia
The credit card processor we went with charges: 1.75%, $.15 per transaction, $40 monthly costs.
- Buyer from Transportation/Logistics, St. Louis Park, Minnesota
Our company paid $395 to purchase multi-user software (up to 4 users); 2.19% discount rate; .30 transaction fee; .30 batch fee; $25/month minimum processing fee. Capability to capture additional data for corporate and government purchasing cards to avoid higher discount rate.
- Buyer from Wholesale Industry, Desoto, Texas
We signed a month-to-month agreement, no cancellation fee, free equipment, savings of 24 basis points on credit card fees.
- Buyer from Legal Industry, Salt Lake City, Utah
We have no land line at home. We have a laptop that we can take to local markets to use for online transactions as well as a manual credit card machine to use. I just want to be able to enter information into my laptop to process credit cards for my business. I sell merchandise all over the world and I have a website that takes paypal right now. I'm looking for prices and how long it takes to get set up.
- Retail, Princeton, TX
Used/new bookstore business trying to understand credit card transaction fees and pricing.
- Retail, Littleton, CO
I have a convenient store with out gas and need to find out a quote to see if there is a more affordable company to process my credit card transactions from my customers.
- Retail, Frisco,TX
I have a start up food service truck that will serve quick service as well as cater large events and am interested in heraing more about fees/pricing.
- Travel/Hospitality Industry, Pittsboro, NC
Our convenience store sells drinks, snacks, and fuel and we would like to hear from credit card processor companies who can explain their services and the transaction fees/prices.
- Retail, Oklahoma City, OK
I'm looking for Mail and phone order pricing along with any fees.
- Media/Entertainment/Publishing Industry, Houston, TX
I am a Psychologist and would like to be able to take credit cards from my patients. It would be low volume since many pay at the time of sessions. I want information on fees and prices and how it would work.
- Healthcare, Tarzana, CA
Need to find out prices on: per transaction, monthly, and online orders. What kind of technical support is offered and speed of transactions as well as security.
- Cleaning Services, Providence, RI
I have a retail store that accepts credit cards and i am starting an online store. Looking for total cost such as monthly fees, transaction fees, etc.
- Retail, Bryant, SD