“What’s my rate?” is the most common question lawyers or CFOs or accounts ask. However, it’s impossible to answer. There are more than 300 credit card rates: There’s transaction fees, compliance fees, annual fees, monthly fees, and cross border fees. So while someone can give you a rate, at the end of the day what really matters is your effective rate: What you are paying at the end of the month to take credit card processing as a form of currency. It ranges between 1 ½% and 2 ½% plus a fee of around .20 to .30 as a transaction fee.
