Transaction fee – it sounds simple enough, right? But a closer look at what is included in transaction fees, also called effective rates or merchant fees, will certainly raise questions.
For example, what does the fee include? Transaction fees include the bank interchange, credit card association fees and the processor fee. This answer, however, does brings up another question. What are the factors that will determine your transaction fees? Here is where it could get complicated.
But luckily, Bluefin has partnered with GoSmallBiz, founded by Fran Tarkenton in 1997, and published a series of articles to provide small businesses guidance on payment processing. The result? We have answers!
Here are several factors that will determine your transaction fees:
- Your type of business.
- How you are going to process payments.
- The volume of your sales and average ticket.
- The types of payments you accept.
- Interchange rates set by the card associations.
Have more questions? Learn more about the factors involved in transaction fees at GoSmallBiz. And, whether your business will accept debit or credit cards, ACH, recurring billing or mobile payments, Bluefins’ payment gateway, PayConex, can provide a suite of payment processing solutions to match all of your needs.