I have had understood it differently, this is really bad.
I have my store in Sweden and since Shopify does not offer a card terminal for Sweden I am forced to use an alternative when COD (iZettle). All fees for one transaction adds up to: 2% (shopify) + 2.77% (izettle) in total + all other monthly fees for payment services. I don´t think that is a fair model of doing business.
Either add Sweden to your delivery country for card terminals or remove the transaction fee for COD.