#1 : Fees There are many fees associated with credit card processing. Here is a look at the fees you'll want to address and understand before signing your agreement. Interchange fees A fee charged for every credit card transaction. Your processor pays this 2% to 3.5% fee to the bank of the card type in each transaction. It fluctuates based on several factors, including the type of card accepted (credit, debit or a rewards card), the type of transaction (if it’s done in store, by phone, or online), and the size of each transaction. It's important to note in-store transactions will cost you less in interchange fees, since the card is physically present, meaning there’s less risk of fraud. Monthly statement fees The credit card processing company might charge you monthly statement fees to cover the expense of mailing you a statement. It costs about $10 per month on average but some offer it for free and some charge as high as $25 a month. Monthly minimum fee A monthly minimum amount in card transaction fees might be required by the processing company. For example, the company’s monthly minimum fee may be $25. If your total credit card transaction fees for the month were $20, the company will charge you $5 to make up the difference. Monthly gateway access fee Processors may charge you this monthly fee for providing a payment gateway, which transmits transaction data from your processing system to the credit card companies. Monthly fees cost approximately $10 to $30. Early termination fee Processors may charge you for an early cancellation of your contract. The fee can cost anywhere from a few hundred dollars to thousands. Make sure you ask what happens if you close your business or decide to use another processor. It's important to ask about all fees. There may be other fees than listed above and you will want to understand any and all recurring fees.