Fox in the Snow asked:
I know its something like dollar volume divided by visa/mastercard something= the actual percent including fees… does anyone know what it is?
http://1mortgagecalculator.info
I know its something like dollar volume divided by visa/mastercard something= the actual percent including fees… does anyone know what it is?
http://1mortgagecalculator.info
Are you trying to figure the interest rate or the minimum payment or what? I believe both those figures are on your bill.
Are you talking about personal credit cards or or accepting cc’s for your business? The rates for merchant accounts are set by several factors involving Interchange rates, the type of card used, and whether certain things have been done in processing the card. Working for processor I can start in on my spiel, but I don’t want to bore you with the ins & out of business cards if you’re looking for info on personal cards.
Take the discount rate, multiply it by the transaction and add the transaction fee.
Example $100.00 x 2% discount rate=$2.00 plus .25 transaction fee=$2.25
Here ya go. Take the total you paid your processor and divide it by the amount of credit card sales for that month. Should be somewhere in the neighborhood of 2.5%.
If its higher than that contact me and I will get it lower for you.
Good Luck!