The short answer
Before November 1, take your September or October processing statement, add up every fee, and divide by your total card sales for the month. That is your effective rate, the share of every card dollar you really pay. Compare it with what you were promised. If something looks wrong, it is far better to find out in October than after your busiest weeks.
Why the holidays raise the stakes
The National Retail Federation forecast on October 15, 2026 that holiday sales from November 1 to December 31 will grow 4.2% over 2025, to $1.013 trillion. Card fees are mostly charged as a percentage of sales, so more sales means more fees in dollars. If any part of your pricing is too high, your busiest weeks are when it costs the most.
Why September or October is the right statement
Your September or October statement is your last normal month before the rush. It shows your usual mix of cards and your usual fees, without holiday spikes. It also arrives in time to ask questions before November.
Work out your effective rate in three steps
First, find total fees on the statement, including monthly, per-transaction and network fees, not just the headline rate. Second, find total card sales for the same month. Third, divide total fees by total sales. The result is your effective rate. Write it down and keep it next to the rate you were quoted when you signed.
What to look at if the number surprises you
| What to check | What it can mean |
|---|---|
| New fee lines | A fee was added since your last review, sometimes with little notice. |
| Non-qualified or downgrade charges | Some transactions were priced at a higher tier. |
| Keyed-in or online sales | Card-not-present payments usually cost more than tapped or dipped cards. |
| Compliance or non-compliance fees | A PCI penalty may be charged until a questionnaire is completed. |
| Monthly and annual fees | Flat fees weigh more in slow months and can arrive once a year. |
Get ready for the busy season
Close your batch every day so deposits arrive on time. Check that every terminal and online checkout is working before the rush. Make sure staff know how to process refunds correctly. And keep this month's effective rate so you can compare it with your December statement in January.
What changes for multi-location and enterprise merchants
Larger merchants should calculate the effective rate per location and per channel, in store and online, because the mix of cards differs. Compare locations side by side: one location with a much higher rate often points to a setup or pricing difference. Enterprise merchants on interchange-plus pricing should check that markups match the agreement and that network fees are passed through at cost.
Want a second pair of eyes?
Send us your September or October statement and we will do the math with you, line by line, for free. Our statement analysis shows your effective rate and every fee worth asking about.
Key takeaways
- Effective rate = total fees divided by total card sales for the same month
- Use your September or October statement, your last normal month
- Look for new fees, downgrades and keyed-in costs if the number surprises you
- Check per location and per channel if you run more than one
Related guides
Sources
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