Credit Card Processing Fees: 5 Things You Need To Know
When trying to run a successful business in 2022, it’s likely you’ll find paying credit card processing fees is an unavoidable expense. This is true for eCommerce businesses and brick-and-mortar businesses alike. These fees occur because there are many parties involved in an actual credit or debit card transaction and each party takes a small percentage of the total. The payment processor, financial institution, card network, issuing bank, acquiring bank, and payment gateway all play a role in each successful transaction. Merchants need to accept a variety of credit card payments, which makes credit card processing fees like these a cost of doing business.