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Step 3: Calculate transaction fees and other associated processingcosts Your choice of payment methods shouldnt come with too much overhead costs that they stifle your business. Be sure to evaluate the fees associated with each payment method to narrow down the payment options that wont be a burden to your finances.
Be aware of monthly minimum fees, statement fees, batch fees, next-day funding fees, annual fees, IRS report fees, and others on your statement each month. These fees can be seen frequently on your monthly statement, but such monthly fees are never actually required in order to accept credit card payments.
Key Takeaways √ Hidden charges in payment processing can dig into and erode your bottom line. Merchants can implement several best practices to avoid surprise processingcosts. 5 minute read Hidden charges in payment processing can seriously impact any merchant’s bottom-line revenues. The IRS Mandate.
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