We have had many clients how they can figure out how much their monthly FANF fee is going to be. In our last post we published a chart breaking down these fees. Calculating your cost is fairly easy if you ONLY swipe cards or ONLY run non swiped cards. (IE: you run all your credit card processing over the phone or internet) If you process credit cards by both swiping them AND keying card numbers in then you will pay a combination of the two costs.
If you ONLY swipe credit cards you will pay your bill based on the number of locations you have that are using the same federal tax ID number. If you ONLY key in credit card transactions than your Fanf fee will be calculated based on your monthly sales volume. For example:
Your business swipes cards and has 1 location - you will pay a FANF fee of $2. If your business has 5 locations your total fee PER LOCATION will be $2.90. If you have 20 locations you will pay $4 per location. Each of your businesses will see this charge show up on their individual statement.
Lets say your business only keys cards. If you run $1500 per month in sales you will pay a monthly Fanf Fee of $7. If you run $50,000 in keyed transactions you will pay a fee of $45. The higher your volume the more you pay.
Now if you run both swiped transactions AND you occasionally key enter cards through the same merchant account you are going to pay BOTH fees! For example:
You have 1 business location that runs a total of $50,000 in credit card processing every month, of this processing $6,000 is key entered transactions. You will pay a $2 FANF fee for your 1 location. In addition you will pay a $9 fee for your keyed transaction portion. Your total monthly FANF fee will be $11.
If you need more clarification please refer again to our FANF fee chart or contact us.