Our company makes its living by processing a small rate for each of your transactions. For instance, if you paid $100 to a business that uses one of our processing solutions, we would get no more than $3 off of that purchase.
Most agents in the industry get asked the age-old question “What are your rates?” and, most of the time, they dance around it. The simple answer is your effective rate will range from 0.5% to 3%.
An effective rate is the sum of all of your monthly credit card processing fees divided by the sum by the total volume of your transactions processed. This tells you the bottom line “rate” you paid for your payment processing.