Are Processing Refunds Costing You Too Much?

 

Many are not aware that there are 3 distinct ways to account for refunds on credit card transactions:

  1. Processing fees for the original sale and the refund are a common charge of which various processors collect. For example, lets say your processing fees on a $200.00 sale are $2.00. When it is refunded, you’d be charged $4.00.
  2. Several processors may charge only on the sale portion. For example, a $200 sale would result in $2.00.
  3. Network fees may be the only thing processors charge (a mandatory fee of which they must pay). In this instance, the network fee would be approximately $0.06.  That’s a big difference between $0.06 and $4.00.

Calculating this on a merchant statement can be extremely challenging, but the best way to find out is to ask your current processor. 

If you have any questions or concerns, please feel free to contact a customer service specialist at MALAQY GROUP.  We are always available to assist.

 

email:  info@MALAQY.com

Toll Free:  1.855.625.2791

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