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We have a merchant account with a major bank. The discount rate for qualified transactions is 2.2%. Based on a recent analysis of extra fees (interchange fees) for 2007, it appears that interchange fees add, on average, 0.8% so that our effective discount rate is closer to 3%.
- For those of you with merchant accounts, is 0.8% in line with what you see for your account?
- As a merchant, is there anything we can do to keep interchange fees under control?
there are many major banks offering discount rate for qualified transaction less than 2.2% in some cases the interchange fees is also not added it depends on type of account and type of bank and location of bank(country)
and there are many other banks where interchange is more than the discount rate for quailified transcation.
some of the best banks around worldwide are ICICI,HDFC,AXIS,.,etc.
there are also some small national bank also provide low interchange fee
Hello there.. i think the interchange fees is mostly involve in almost all the service providers but the rate can differ and the variation depends on the country, your bank and also the type of account you hold.
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Abby Nelson
merchant account