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GENERAL KNOWLEDGE
Merchant discount rate refers to ....

Merchant discount rate refers to _______.

A

only taxes that a digital payment entails

B

the total discount a merchant offers on online transactions.

C

the rate charged to a merchant for payment processing services on debit and credit card transactions

D

the total discount a bank offers to the merchant for promoting online transactions ions.

Text Solution

Verified by Experts

The correct Answer is:
C
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.
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