I own an independent DELCO in Florida. We are a low volume store, averaging around $10k per week. Most of our credit transactions are keyed in online, with next majority being typed in over phone. Very few are inserted at the point of sale.
I am currently with Vantiv World Pay. Over the years our effective rate has gone up, now sitting around 4.8%. We are on Interchange+ with them, and my “Low Detail” breakdown from last statement (the indicated 4.8% effective rate) shows 1.7% from Interchange, .2% Processing Fee, and 2.9% in Other Fees.
I have attempted to get Vantiv World Pay to clarify these breakdowns with me, and their purpose, but the best answer I can get it “they’re costs associated with Processing cards.” No one can give me any more specific answer. Some of the bigger ones include "Processor Transaction Risk Fee, Processor Per Item Fee, Access Fee, and Transaction Integrity Fee.
I am curious if this is normal, and a good rate, or if I am leaving money on the table.