These days, accepting credit cards as a form of payment has a significant role in businesses. Most businesses accept credit card payments. In 2020, almost every credit card processing company takes a huge amount of fees from the businesses that they work with. Therefore, we know that you need to reduce credit card processing fees. If you have a small business and need more money so this read is for you. Because this read will help you with everything that you need to know about the lowest credit card processing fees 2020.
Lowest Credit Card Processing Fees 2020: How Much Are Credit Card Processing Fees?
Credit card processing fees vary from company to company. Credit card companies usually charge between 1.3% and 3.4% of each credit card transaction in processing fees. The amount of fees depends on the type of your credit card, the merchant category code of the business, and the payment network. The most used payment networks are Visa, Mastercard, American Express, and Discover. If you are looking for the credit card processing fees, PCBancard will be the best solution for you. PCBancard eliminates your credit card processing fees. Here are the average processing fees for the four payment networks:
- Visa (1.29% + $0.05 to 2.54% + $0.10)
- Mastercard (1.29% + $0.05 to 2.64% + $0.10)
- American Express (1.58% + $0.10 to 3.30% + $0.10)
- Discover (1.53% + $0.05 to 2.53% + $0.1)
Types of Credit Card Processing Fees
Let’s continue to talk about the lowest credit card processing fees 2020. Credit card processing comes into three fees: Interchange fees, assessment fees, and processing fees. Interchange fees are paid to the issuing bank and they are the biggest expense in card processing. Fees vary for each market and the types of cards. Assessment fees are paid to the payment network on every transaction, and processing fees are paid to the company that accepts the credit card payment and sends the transaction to the payment network.
PCBancard
If you are looking for the credit card processing fees so PCBancard is a great solution for you. As we mentioned previously, PCBancard allows you to accept credit cards for your business and eliminates your credit card processing fees. PCBancard helps you save extra money and you can upgrade your business thanks to this extra money.
In this read, we have talked about the lowest credit card processing fees 2020. If you have a business, most credit card processing companies take a huge amount of fees from you. All businesses need to reduce credit card processing fees in order to grow. PCBancard provides you the highest level of integrity and always makes a great effort to give the best service for you. If you need to develop your business, you can trust our company, and if you have any questions, please don’t hesitate to contact our customer service. We will be happy to assist you with your questions.