BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Merchants are given special commission for promoting bank transactions
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The bank commission charged from merchants who have point of sales terminals for card payments from customers
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The one time fees charged for providing point of sales terminal to merchants/shopkeepers
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The service tax payable by shops and merchant establishments having facility of card payments.
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Detailed explanation-1: -The merchant discount rate is the rate charged to a merchant for payment processing services on debit and credit card transactions. The merchant must set up this service and agree to the rate before accepting debit and credit cards as payment.
Detailed explanation-2: -The merchant discount rate, or MDR, is the rate charged to a merchant for the payment processing of debit and credit card transactions. The service is set up by the merchant, and they must agree or commit to the rate before accepting and/or authorizing debit or credit cards for payment processing.
Detailed explanation-3: -Credit card processing fees The average credit card processing fee per transaction is 1.3% to 3.5%. The fees a company charges will depend on which payment company you choose (American Express, Discover, Mastercard, or Visa), the merchant category code (MCC) and the type of credit card. Did You Know?
Detailed explanation-4: -The merchant discount rate is a fee that merchants must consider when managing the overall costs of their business. Local merchants and e-commerce merchants will typically have varying fees and service level agreements. To accept debit and credit cards, merchants must set up this service and agree to the rate.