Definition, Meaning & Synonyms
processing-fee
noun
/ˈprɒsɛsɪŋ fiː/
Definition
A processing fee is a charge that is applied to cover the costs of handling a transaction or service.
Examples
- The bank charged a processing fee for each wire transfer made.
- When you apply for a loan, there may be a processing fee added to your costs.
- Make sure to check if there’s a processing fee on your ticket purchase.
Meaning
This fee is typically associated with services that involve processing payments, applications, or documentation. It accounts for the administrative and technological work that goes into the transaction.
Synonyms
- service charge
- administrative fee
- transaction fee
