What is a transaction fee?
The Transaction Fee is the fee a merchant pays every time they access the processing network. This fee pays for the use of the infrastructure to receive payment information, request authorization from the customer’s bank, transmit the authorization information to the merchant, and to facilitate payment to the merchant. For example, this fee is assessed when a bankcard is keyed into a Virtual Terminal over the internet, or when the merchant batches out, or when the merchant performs a Return or Void. The Transaction Fees are assessed at the end of the statement period which is usually at the end of the month.
A transaction fee may be assessed when making certain cash advance or balance transfer transactions. For example: Bank Cash Advance ATM Cash Advance Access Check Balance Transfer Direct Deposits A transaction fee will also be charged if you have overdraft protection on a deposit account that is tied to your credit card. For fee amounts please refer to your credit account agreement.
