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What is a transaction fee?

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Fees charged when you make certain types of transactions. Transaction fees are typically assessed on cash advances and cash-like transactions, such as money orders, wire transfers, and casino gaming chips.

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A transaction fee is a scam. In addition to commission, it is a fee for the broker or real estate agent. We find this sometimes hidden fee as an affront to the customer or client. Virginia real estate law requires as part of doing business, certain activities to occur. To charge extra for these services is ridiculous and in no way provides for any additional services to the consumer or client.

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A transaction fee is applied by the transaction processor to cover the costs of receiving and processing the transaction. While a discount rate is a contribution for the convenience of accepting credit card payments, a transaction 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 of the merchant.

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There is a $0.30 transaction fee charged to each authorization, whether settled or not. Note, some banks deduct this fee at time of sale, while most deduct it as a total of charges at the end of each month. If you are outside the U.S., High-risk or Fast Track, the transaction fee will be higher. Internet accounts have a 2.39% discount rate, and $0.30 transaction fee for Qualified transactions. How does that work? Visa & MasterCard and the processor take a fee for every transaction. It works like this. On a $100 sale, the discount rate of 2.39% would deduct $2.39 from the $100 sale. There is a $0.30 transaction fee charged to each order. Therefore, on the $100 sale, the processor would keep $2.69 , giving you, the merchant a net of $97.31. Note, some banks deduct this fee at time of sale, while most deduct it as a total of charges at the end of each month. If you are outside the U.S., High-risk or Fast Track, the discount rate will be higher.

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