Did you know that stores pay fees when you use your credit card? It's like a small tax for them to accept your payment! These fees are called credit card processing fees and they can add up.
- Stores pay fees to companies that process credit card payments.
- These fees are a percentage of your purchase, usually between 1.5% and 3.5%.
- There are different ways stores pay these fees; some charge extra for credit cards, others offer a cash discount.
| Fee Type | Explanation |
|---|---|
| Interchange Fee | Paid between banks. |
| Assessment Fee | Paid to payment networks (like Visa). |
| Processing Fee | Paid to payment processors (like Square). |
Sometimes, stores might ask for a minimum purchase amount if you pay by credit card to avoid losing money on small transactions. These fees are part of how credit cards work!
