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What is a transaction fee?

trans - ac - tion fee
noun

A transaction fee is a cost associated with handling a financial transaction. It's usually charged by payment processors, banks or financial institutions as a way to cover the services involved in ensuring smooth transaction processing. The amount of the fee can differ depending on factors like the type of transaction, the chosen payment method and the range of services provided. These fees play a role in supporting the maintenance of a secure and effective payment system.