How much does accepting credit card payments cost?

Accepting a credit card payment usually incurs a fee of about 3%.

What’s the difference between a payment processor and a merchant account provider?

Payment processors primarily facilitate credit card payments and help you accept cards. Merchant account providers provide a place to hold payment funds while the payment is verified. They then pass the funds to your bank account. Some merchant account providers also serve as payment processors. 

Can my business accept credit card payments without a merchant account?
Is it possible to accept credit card payments for free without paying any processing fees?

No, any credit card transaction will incur, at a minimum, interchange fees charged by the card network.

Can I accept credit card payments without a machine?

You’ll need some kind of tool to accept card payments, whether it be a tablet, terminal, or computer where you can enter card details. However, there are many ways to take payments without dedicated card readers.

About the Author

TJ Porter

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

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