There is no one set fee that banks will charge for processing credit cards online. In fact, the interchange fee that is charged to a merchant each time they accept a credit card payment can vary greatly depending on the type of business they run. Small businesses that primarily sell services or non-physical goods online (such as gambling or online gaming sites) will be charged a much greater rate than a restaurant or brick and mortar bookstore for the right to do credit card processing online.
Why do most banks do this? It’s because these types of businesses have been flagged as being in industries that have a high rate of chargebacks, where customers demand a refund because they were unhappy with their purchase. Chargebacks are costly and time-consuming for issuing banks, so they will charge a premium on high risk credit card processing to the businesses to cover their expected long-term costs.
If you have a business that has been marked as being in a “high risk” industry, there’s a good chance that you’ll find it difficult to get approved for an affordable merchant banking account that allows you to accept online credit card payments. However, there are options that can help you to take credit cards without costing you too much.
Charge.com Payment Solutions, Inc. is leading the way in providing small businesses in high risk industries with affordable solutions for credit card processing. We accept many clients who have been turned down by other credit card processors and at rates that are highly competitive.