how much do you pay in credit card fees

I do about 90k a month in credit cards from mercury payments and I pay them about 2700 a month in fees

Is this high or low. I have no point of refernece

That seems a little high but it depends alot on your average ticket. Our average ticket is $22 and we paid $1753 on $71828. last month. Approx. 2.44%, through Heartland. Heartland received $237. of the fees the best I can tell and the rest were pass-thru interchange fees. 95% of our transactions take place over the phone, and are not swiped.

I’ve been told that mercury is the only one that works with point of sucsess and big hollar online ordering

Is this true or not. I know heartland is cheaper but was told it won’t work with point of sucess and big hollar

We use Prism and can use any processer we want. They did however charge us a fee ($200?) for programming when we switched processers. Maybe you could get Mercury to match heartlands rate if you threaten to switch?

As far as I know, you can use heartland for Point of Success and Bighollar. Hopefully others that are more familiar can either confirm or deny…

The difference is… with mercury, the software is already included with POS.

With heartland, you would have to buy PC Charge Payment Server and the connector module from POS.

As for the bighollar side, but I believe you would just get an additional merchant ID from heartland.

3% is too high…we do the same volume and get it about 2-2.1% so that would make our guys save you about $800/month

we use RBSWorldpay but looking to do even better with another company soon

I use Chase Paymentech, just negotiated reduced rates of 7 cents per debit and quite a bit less than 2% on Visa/Mastercard.
Based on volume of $277,000 avg ticket $27.20

Sorry, a few corrections, $277,000 total volume with Visa/Mastercard being $105,000,
Debit $170,000 . Avg ticket $40.
1.67% Visa, 1.82% MC …
Was previous to snivel : 10c per debit, 1.99% Visa, 2.15 MC…

I’m paying about 2.9% through Mercury using POS.

I average 2.5% through Heartland

We pay 2% flat without ANY additional swipe fees, etc through Central Payment and our rep is great. We had our machine go down on a Saturday night and the next day, on Sunday afternoon, he was at the shop with a new machine for us. I have had quotes from Heartland and Mercury and none of them came close to touching the rate I have, so much in fact they thought I was BS’ing them (I never showed them our statements). If you want his contact info, I’d be happy to give it to you, just PM me. And just so you know, I’m not related to him or have any other relationship with him other than being our CC processor rep. :smiley:

I have been talking all day to reps about this. The best I found Was bank of America at 10 cents per swipe and 1.67% for standard visa MC and discover.

Something else worth mentioning. It is definitely worthwhile run a small comparison analysis between those companies charging a flat rate (such as 2%) and those offering the rate + a per swipe fee (such as 1.67% + $0.10 per swipe) for your particular business. We found that although the per swipe amount seemed negligible and the rate lower, we would have been paying a decent amount more per month with the lower rate + swipe fee. For example, let’s hypothetically say in one particular business day you run 50 cards and the total credit card sales are $1,000.

With the 2% flat fee, the fees would amount to $20

With the 1.67 % + the $0.10 swipe, the fees would amount to $21.70 ($0.10 x 50 transactions= $5.00 and then 1.67% x $1,00 = $16.70 $5.00 + $16.70= $21.70

Extrapolate it out and that would be a savings of over $600 for the year or a $600 raise for you!

Just another little tip to make sure you are getting the best rate!

I am part owner of Daves pizza joint in niagara falls ny. The owners set up an account through World Pay. The avg range can be from 2.4%-4.9% taken from each swipe. A customer service rep from a company from Prodigy came and explained a lot
To me. They are the largest in the US and depending on the amount of business you do depends on the % they charge per swipe and the rate they gave us high to low is 1.39%-1.6 per swipe depending on the card. I do not have a # I’m sure you can google it but we are stuck in a contract with world pay and I was told that they would buy the $495 early termination fee and they had extra bonuses. I am switching to them next week but this is as much as i can help you. Be weary of online companies and hidden fees.

If comparing fees with another company, the average ticket and types of cards that you accept at your store are important, as the data is used to make an accurate comparison.

It’s a competitive business and the business has changed a lot in the past 5 years and the Durbin amendment was the biggest change in the industry for regulation of pin debit fees.

Fees are not the only concern these days to stay in the black, as there are fines that can be charged to any merchant that is not protecting cardholder data and happens to get compromised. This would affect the bottom-line of the small business. Does your provider offer End to End Encryption solutions, so to assist with protecting cardholder data? It’s crucial to all businesses these days. Just about everyone has heard about a business owner, friend or even a family member that has gotten compromised in some way, such as stolen identity, or card data stolen. Did you know that 85% of all compromises are targeted at the small business level (Source: Verizon Data Breach Investigations Report)?

Now we have (wireless) mobile solutions through our phones or tablets, so to process payments. Mobile solutions could bring a challenge to protect cardholder data. Some providers may offer assistance to the merchant with the PCI Compliance process (Payment Card Industry Data Security Standards), but many do not, so this could be time consuming to complete the PCI Compliance process. Assistance with PCI Compliance is a great benefit to the busy merchant. PCI requirements do apply to all that accepts, transmits or stores any cardholder data (Source: PCI Security Standards)

Linda Weir
Account Executive

Sometimes when I see claims of CC rates that are much lower than others I discover that the person claiming them is referring to the rates as they understand them from the rate sheet… rather than taking the actual amount paid on the monthly statements and dividing it by the CC sales for those months.

These programs all have so many variables and moving parts (swiped/notswiped, mix of cards used, high fee mileage/awards programs, average ticket, total volume, pass through, added percentage or flat fee) that it is useless to quote brochure rates. Just take three months fees and divide into three months CC sales. Many of those thinking they have some special deal will be unpleasantly suprised.

Has anyone every seen these types of charges listed on their monthly statement before?? Just sent an email to my merchant guy to explain, they do not appear on every month, I have never seen these before on any past statments from the last 5 yrs?? All my other fees that I am used to being charged for are on seperate sections of the statments, these just seemed to have came out of no where all of a sudden over the last 5 months

June Statment
No Clearing Record <= 120 days of Auth 5 .0450 .23
Visa Access Fees 163 .0222 3.62

July Statement
No Clearing Record <= 120 days of Auth 1 .0450 .05
Visa Access Fees 155 .0222 3.44
Visa Prior Month Misuse of Auth 4 .0450 .18
VISA TIF 2 .1000 .20

September Statement
VISA TIF 6 .6000 .60
Fixed Acq Network Fee - Retail 1 4.2500 4.25

October Statment
No Clearing Record <= 120 days of Auth 1 .0500 .05
VISA TIF 1 .1000 .10
Fixed Acq Network Fee - Retail 1 4.2500 4.25

From my P&L on average with MPS - 2.7%. That includes Gift Card processing (which we use a lot) and their Loyalty Program (which we do not use at all). I’ve had nothing but a good experience with MPS and the fees are reasonable enough.

I don’t think it does any good to look at anything other than your P&L to determine your CC fees. Even with the interchange-plus rates, the total monthly bill is still dependent on the types of cards you accept, etc.


Im asking about these weird charges though, have you ever seen them ?? I mean wth does “No Clearing Record <= 120 days of Auth” suppose to mean, not getting it, still waiting to hear back from my guy. Just wanting to know if anyone else has seen these before???

OK I got my answers all straight on certain things

“No Clearing Record <= 120 days of Auth” means that if any c.c has been voided for any reason and has not cleared yet.

“VISA TIF” actually forgot but understood at the time they explained it haha

“Fixed Acq Network Fee - Retail” This is a fee that VISA charges for accessing their network, stupid but understood :?

To me its just all a b…s…t, charges oh well, they have to get their money somehow