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Credit card processing fees?

Question asked by Ingrid

How much does it cost to use a credit card machine for a restaurant?

response from John Englund

Card processing fees vary from one merchant card service provider to another and they may also vary according to your card sales’ volume. Credit card fees are based on a percentage of your overall transaction value, while debit card fees are fixed per transaction. On average, debit card transactions cost the retailer about 1,5% to 3% of the overall transaction value. Credit card transactions typically cost much more, at around 3% and more. The European Union recently published a plan to limit card transaction fees to 0,2% of transaction value for debit cards and 0,3% for credit cards, which could significantly reduce rates for credit card transactions. Credit card terminals are often offered by your merchant services provider, though you can source a card machine separately through any of several card machine providers.

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