Payment Processing Fees

by Pawlicy Advisor
Dictionary
>
Pet Insurance Terms
>
Payment Processing Fees

What is a Payment Processing Fee?

A payment processing fee is the charge you must pay on some transactions to move money from one account into another, so you can purchase a product or service. Most merchants process payments through a third party service at the point of sale and automatically assess the charge onto customers at the point of sale. However, you might incur processing fees for cash and check payments, as well.

How Do Payment Processing Fees Work?

Many pet insurance providers charge policyholders a payment processing on top of their monthly premium. Each provider establishes their own rate (usually expressed as a percentage of the total cost) and chooses which transactions the processing fee applies to. While the rates are usually nominal, they can add up quickly - especially when you look back at them on a yearly basis over the duration of your policy. You may be able to avoid the recurring fee and reduce the lifetime cost of pet insurance by buying an annual plan upfront versus monthly installments. When comparing pet insurance, remember to always read the fine print carefully so you can avoid unexpected surprises later on.


Key Takeaways

  • Payment processing fees are fees charged per transaction that cover the cost of your credit card being processed for the payment of a good or service.
  • Payment processing fees vary depending on your pet insurance provider.
  • Take a look at any payment processing fees before choosing a pet insurance plan, as these fees can quickly add up over time.

Continue Reading

Per-Incident Deductible
A per-incident deductible is an amount you must pay for every incident that you file a claim for before receiving any reimbursement for that incident.
Read More.
Pet Liability Insurance
Pet liability insurance protects you legally and reimburses third-parties that are injured or have suffered property damage due to your pet’s actions.
Read More.
Plan
Pet insurance plans are a unique combination of veterinary insurance benefits that make up your pet insurance coverage.
Read More.

See related articles

This pet insurance comparison guide will help you understand the types of pet insurance available, find out what each plan covers, discover top providers, and find the best coverage and price options across the web.

17 minute read

How To Compare Pet Insurance Plans

Pet insurance can help you pay for the cost of veterinary care if your pet becomes sick or injured. Learn more about how pet insurance works and what it covers here.

18 minute read

How Pet Insurance Works: Your Essential Guide

Wondering if pet insurance is worth it for your dog or cat? We cover EVERYTHING pet parents should consider when making the decision to enroll in coverage.

15 minute read

Is Pet Insurance Worth It? Here's A Vet's Perspective

Wondering if pet insurance is worth it for your dog or cat? We cover EVERYTHING pet parents should consider when making the decision to enroll in coverage.

16 minute read

Is Pet Insurance Worth It? Here's A Vet's Perspective

If your pet has a pre-existing condition, don’t panic just yet. You can still get pet insurance coverage, and you likely have other options to save on your vet bills, too.

7 minute read

Is There Pet Insurance That Covers Pre-Existing Conditions?

Girl holding dog

Compare Top Pet Insurance Companies

A family with pets that are insured by Pawlicy Advisor
Pawlicy Advisor is the leading independent marketplace for finding the best coverage for your pet at the lowest rate.
Join 2,438,795+ insured dogs and cats across the US.
Get a Quote
Our pet insurance partners
ASPCA Pet Health Insurance Logo
Pets Best Pet Insurance Logo
Embrace Pet Insurance Logo
Pumpkin Pet Insurance Logo
MetLife Pet Insurance Logo
Prudent Pet Insurance Logo