Question 1

How much should I be paying for credit card processing?

Accepted Answer

While this answer demands more information (type of business, risk level, check average, location, years in business, volume, etc.), here's the quick answer through an example: If you're a dine-in restaurant processing at least $30K in credit cards a month, then your effective rate should be between 2.5-2.9%

Question 2

What is an Effective Rate for credit cards?

Accepted Answer

It's the easiest way to figure your total cost for accepting credit cards. If you look at your current credit card statement's first page and take the total fees divided by total revenue*100 = Effective Rate. For example: $910 in fees divided by $35,000 in sales revenue X 100 = 2.6%

Question 3

Are there different type of credit card fee structures?

Accepted Answer

Yes.  The most common are Interchange Plus+, Fixed Tier, and Dual-Pay (Cash Discount/Surcharge)

Question 4

What is the LEAST expensive way for me to accept credit cards at my business?

Accepted Answer

Dual Payment Option.  This way of accepting cards passes the credit and debit card fees on to the customer instead of the business by offering a discount for payments made in cash or ACH. Not all businesses qualify for this option.  But most businesses only pay the program fee for this option, usually about $49/month.   This saves business owners thousands of dollars a month!!

Question 5

Do I need to purchase equipment for my location to accept credit cards?

Accepted Answer

Not always.  If your business does enough volume, "free" equipment could be available.  Why did we put the quotes around "free"?  Usually, this is really a "no upfront cost program" and there may be leasing fees associated with the equipment or modified rates on your account.  Nothing is truly free and we like to be honest and upfront with our customers about it.  Still, if you don't have the cash to purchase what you need upfront, there may be options we can offer you.  For established customers, we'll usually suggest you buy the equipment through us, at a discount as low as our cost, rather than pay extra for processing.

Simplify Your Payment Processes and Save Money

About Erie Payment Solutions

Our Story

Our Services

Merchant Services

Payment Processing

Security Enhancement

Customer Support

Boost Your Business Today

Why Should You Choose Us?

Personalized Service

Transparent Pricing

Support 24/7

What Our Clients are Saying

Jim D.

Jason H.

Karmen K.

Frequently Asked Questions about merchant processing

Start Simplifying Your Payments Today