![]() The fees for processing these is higher again, around 1.5% to 2.5%īusinesses will accept payment from across these three categories, and so it is important to check the small print for all fees. Commercial – these are cards for B2B customers and represent a smaller sector of the payment processing market.Credit (personal) – another common form of payment, the processing fees for credit cards tend to be slightly higher than for debit cards.Debit – the advent of contactless payments has made paying with a debit card much easier for customers and more retailers and businesses too.They are charged as %fees, the result of recent regulatory changes. This is the cost of accepting different card types. What are these fees and credit card costs for? Processing fees or merchant service charge (MSC) We compare merchants later in the article. Merchants charge different fees and costs and will also have attractive offers from time to time. These are average figures and give an overall idea of what fees and costs are involved. £5 per month or £30 a year depending on the merchant Varies between merchants but expect to pay £40 to £100 £10 to £25 for a set number of transaction per month Not always applicable but can be £10 per month On most credit cards, this is around 0.3% but can be as high as 0.9% The average costs of credit card processing fees Credit card transaction charges Take away pointĬredit card processing fees, along with the costs of other merchant services, need to be added to card reader price or credit card machine rental costs. The list can look long and confusing, but when you know what to look for, understanding the charges and fees is easier. Offering credit card payments means that your business will need to choose a merchant to provide the card machine, which you can either buy or rent, processing fees and other costs. What are the different pricing, charges and merchant fees? Whilst card machine costs may not be prohibitive they need to be factored in so that offering credit card payment options work for the business as well as your customers. However, there are costs involved, including the purchase or hire of a card machine, as well as credit card merchant fees. What these statistics tell us is that as a business, investing in a credit card reader, both for PIN and contactless purchases, is a must. Contactless purchases are also higher on a credit card as opposed to debit card purchases at just over £10. On average, the transaction value on credit cards stands at £54.09, over £20 higher than the average spend on debit cards. ![]() There are over 61 million credit cards in use in the UK. affordable credit card fees and costsĬredit card readers and processing providers Processing fees or merchant service charge (MSC)Ĭheap vs. What are these fees and credit card costs for? The average costs of credit card processing fees Getting a credit card machine for your business The use of credit cards in the UK presents with opportunities to make sales both in-store and online.
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