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?
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