Do Credit Card Processing Calculators Really Work?

By Reid Wilson

It seems like credit card processing calculators are becoming more and more popular everyday. At first glance, the idea of these calculators seems great. They are often presented as a tool that will allow business owners to see how much they should/could be paying for their monthly credit card processing fees. But how accurate are these calculators?

Being in the industry as long as I have, I have had the opportunity to review and use several different calculators. Every time a new one comes out I approach it with excitement and hopes that this will make my job easier. Unfortunately, this is never the case. It has been my experience that the online rate calculators are more of a marketing item designed to collect prospect data than anything else.

What I can't decide is if the creators of these calculators ever intended them to be useful tools or not. After all, there are so many variables that go into a single transaction that creating a credit card fee calculator that produced an accurate output would be nearly impossible. I find it very odd that there are hundreds of interchange categories that a transaction could be considered, yet most online calculators assume the lowest qualified rate.

With all the advances in technology it is feasible that we might someday have the luxury of an accurate credit card processing fee calculator. But until that day comes, it's best to put your trust and your credit card processing in the hands of a reputable merchant service provider.