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Processors love to quote a headline rate. It sounds low, it fits on a sticker, and it almost never matches what leaves your account.
Your effective rate is the honest version. Take every fee on your statement for the month, add them together, and divide by the total you ran in card sales. Multiply by 100 and you have the real percentage you pay on every dollar.
Effective rate = total fees divided by total card volume.
The quoted rate is marketing. The effective rate is the truth.
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The Fee Auditor
We read the fine print
Pull one recent statement. Find your total card sales for the month, then find the grand total of fees. Divide the second number by the first.
- Under about 2.5 percent: you are in good shape for most businesses.
- 3 to 4 percent: there is usually room to save.
- Over 4 percent: something on that statement is working against you.
If the math makes your stomach drop, that is the point of an audit. We read every line, show you the effective rate in writing, and it costs you nothing to find out.
Author:
We read the fine print
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