Updated: Aug 17, 2022
How to Easily Calculate Your True CC Processing Fee Each Month
A golf cart business was told their pricing was 1.75% only to find out that was just
the first of 4 tiers, with all of their credit cards going to the highest tier of 5%.
After evaluating his situation, he saved more than $24,000 a year. That is a lot of Golf Carts!
(Interchange Plus pricing guarantees the lowest rate for any type of credit card, for
your industry, and it makes it easy to figure out exactly how much you will be
paying in processing fees each month).
To determine exactly what YOU are paying, take your statement each month,
find the fees, and divide them by the total sales volume. That will give you a
percentage. That percentage is what you are really paying. If it goes up by more
than a ½% you might be getting price increases that you aren't aware of.
Example: Total Fees = $787.60 Total Sales = $53,884.70
Fees of $787.60 Divided by Total Sales of $53,884.70 = 1.46%
This is what this Merchant is paying this month.
...And there are programs that eliminate the Fees of $787.60 and make it 0.
If you are interested in finding out more about this, please call me: 405-823-8861