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Credit Card Processing Costs

Credit Card Processing Buyers' Guide

The fees resulting from the processing of credit and debit card payments are made up of a variety of factors from the financial transaction charges through to the cost of the appropriate hardware and software. The following breakdown of credit card processing costs should help you compare the various charges from different suppliers and aid you in your choice of credit card processing provider.

Charges Made by the Acquiring Banks for Credit Card Processing

An acquiring bank will base its fees on a number of factors. Among these are

  • the risks inherent in credit card payments made to your business
  • the average sales price of your products or services
  • your projected total sales

Bearing these factors in mind, the following fees are averages based on banking industry data.

  • Set-up
£200
  • Monthly maintenance fee
£10
  • Fee per transaction
£0.35
  • Additional fee per
    transaction
2.5 - 3% depending on type of credit card
  • Security bond
£1,000

Please note, however, that these figures can vary dramatically. Costs are higher, for example, for cardholder not present transactions.

Additional Credit Card Processing Costs

The following figures for charges made by credit card processing companies are again averages based on industry data and may differ significantly. They are on top of the charges levied by your acquiring bank.

  • Set-up
£75
  • Monthly maintenance fee
£10
  • Fee per transaction
1 - 4%
Necessary Equipment Costs

A chip and PIN terminal will cost you £180 - £600. The prices vary depending on such features as built-in printers and wireless technology. You are, of course, responsible for repair and replacement costs.

The alternative to buying is to rent from the bank or the credit card processing company. The monthly charge per device is around £15 - £25.

For online transactions, you'll need the appropriate payment gateway integrated into your website - this is provided by the credit crad processing company but will again incur a monthly charge of around £20 per month.

Other Costs

There are several other non-standard extra costs which you could face when using an acquiring bank and a credit card processing service. These include

  • annual maintenance fees
  • separate fees for internet transactions
  • special support fees

Before you sign up with any bank or processing service, make sure you study these fees and understand when they apply. If in doubt, ask for clarification. Never make a hasty decision and opt for the first company that appears to offer a tempting deal. Always take time to work out the costs of credit card transactions from several merchant services providers, on a range of your products, using different sales methods.

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