Don't get scammed! Read all about merchant account providers and their services, rates, fees, and credit card processing. You need to understand the interchange fee. You need to read merchant account provider reviews and comparisons. A transaction fee is dealing with not only the bank but a gateway as well. Look for least expensive credit cards such as Visa Card and Master Card. But remember to try not to accept credit cards for tiny purchases. FYI: American Express, Discover, Diners, etc usually require higher transaction fees. Estimation of fee amount: 15 to 30 cents per transaction Paid to whom? The bank and/or Gateway. A merchant account is a type of a bank account setup with a payment processor. When a customers makes a purchase, money is held in the merchant account until the payment is cleared and sometimes longer depending on the credit status of the merchant. When the payment clears, the money is transferred to the merchant's business account.