What Is Fixed Acquirer Network Fee?
marklharries38 > 09-05-2022, 10:07 PM
A fixed acquirer network fee, also known as a FANF, is a type of merchant account fee charged by some credit card processors.
This fee is typically a flat rate per transaction, and is assessed on top of the standard merchant account fees such as interchange and assessments. While this fee may seem small, it can add up over time, particularly for businesses that process a large number of credit card transactions.
The best way to avoid paying a FANF is to choose a merchant account provider that does not charge this fee. However, if you are already using a processor that assesses this fee, there are some steps you can take to minimize its impact on your business.
For example, you can ask your processor to waive the fee for certain types of transactions, such as those that are below a certain amount. You can also negotiate with your processor to lower the overall rate that you are paying for credit card processing services.
If you are considering accepting credit cards at your business, it is important to compare different merchant account providers to find the best deal. Be sure to ask about all fees, including fixed acquirer network fees, before signing up for an account. By taking the time to shop around and compare options, you can save your business a significant amount of money in the long run.