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Credit and debit cards have become the preferred payment methods for many, and it isn’t hard to see why. In 2023, 27% of all point-of-sale (POS) payments were made using credit cards while 23% were made with debit cards. Card networks typically use a combination of both when setting interchange fees.
Gateway fees: Gateway fees are the fees merchants pay to use a payment gateway, which acts as a bridge between their website or point-of-sale (POS) system and the payment processor. These fees cover the cost of securely transmitting payment data, encrypting sensitive data, and authorizing transactions in real-time.
Most payment gateways come with features like fraud detection and dataencryption that are specifically geared towards keeping your customers’ payment information secure. When connected to a website or a point of sale (POS) system, the gateway processes the credit card’s keyed-in or physically-captured information safely and securely.
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