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Typically, the merchant’s payment processing software will build the credit card processing rates into their fee. If approved, the issuing bank sends an authorization code back through the same channels. Step 3: Settlement With the authorization code in hand, the merchant proceeds with the transaction. These can add up.
trillion in the US in 2022, accepting card payments is no longer a question of whether to, but how to. For example, the interchange fees for online transactions may be higher due to the higher risk of credit card fraud. Some popular processors offering interchange plus pricing structures include Payment Depot, Stripe, and Helcim.
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