Between the years 2019 and 2020, the number of worldwide credit card transactions went up by around 6%. With more businesses seeing the importance of accepting credit cards, many may wonder about the average cost of credit card processing fees and how processing works. However, this number is dependent on a large number of factors.
Although it can vary greatly, average costs are around 1.5% to 2.9% for swiped credit cards and this number goes up to around 3.5% for keyed-in cards. Depending on the type of credit card used, the number of transactions per month, and the type of industry you operate in, your monthly processing fees can go up or down.
In general, American Express charges the highest fees, followed by Discover, Mastercard, and Visa.
Card processing fees can be difficult to compute depending on the circumstances. Some factors that can raise or lower this figure include:
At the end of the day, there is no typical average fee for credit card processing fee since so many factors can impact the figure. Because of this, doing your research and comparing quotes from various providers can help you save the most amount money in terms of payment processing.
Learn more about other typical card processing fees here so you can make a more informed decision and potentially negotiate your current fees.
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
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