Calculating Card Processing Fees Now a Little Easier

To help restaurateurs better understand and reduce the costs associated with their credit card processing, the National Restaurant Association announced the development of an interactive online calculator for use by its members and the restaurant industry at large.

Card processing fees—incurred when a restaurant accepts payment by a charge, credit, or gift card—can be one of the largest expenses for restaurants outside of food purchases and labor. To help restaurateurs learn what they are paying in card processing fees and to whom, the Association created its Card Processing Rate Calculator, at KnowYourCardRates.com. A restaurateur can enter a few pieces of data from his or her current card processing statement and learn the true cost of card processing fees in this free, online tool.

“Understanding your credit card processing statement is not always easy,” says David Gilbert, chief operating officer of the National Restaurant Association. “That is why we created the Card Processing Rate Calculator. With this easy-to-use online tool, a restaurateur can get an estimate of his or her total processing costs, understand who is receiving those fees, and take steps to lower the overall costs.”

The Card Processing Rate Calculator will be a featured solution at the National Restaurant Association/National Restaurant Association Educational Foundation Booth #6300 at the 2010 National Restaurant Association’s Restaurant, Hotel-Motel Show (May 22-25 in Chicago). Specialists will be available to help Show attendees use the calculator and understand the fees they are paying. The calculator can also be used any time at KnowYourCardRates.com.