Settlement fees are small fees charged at the end of a transaction when it finalizes. Most transactions authorize and settle at the same time, but you could do just an authorization first, then a settlement later on that one transaction. Interchange Rates include a rate, plus a Settlement fee that goes to the card issuing bank. See the other FAQ about where the fees are going. For example, the raw cost (Interchange Rate) for a normal Visa card is 1.54% plus a $0.10 settlement fee on that one item. Don't confuse this with settling your batch which means that you are committing your items in the queue that you may have staged that day. Batch settlement fees usually apply as well since it is issuing another ping to the server to process those items.
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