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Credit cards are incredibly convenient as a paymentmethod. Unfortunately for them though, credit card payments come with a cost. Thankfully, implementing a credit card surcharge program can be particularly beneficial for small businesses to offset the cost of accepting credit card payments.
To ensure that you’re able to take payments in a cost-effective way, be sure to carefully compare their fee structures, contract terms, and available features. Here are Stax’ Top Credit Card Processing Tips. One of the most famous data breaches happened to Target in 2013. A large part of that was simply lost customer revenue.
This may be concerning for certain types of businesses as they need to spend more to process credit and debit card payments as compared to cash. Clearly, the monthly fees that businesses typically pay to accept card payments can eat away a significant portion of their revenue and overall profits.
One way to do that—though often overlooked—is to optimize their payment processing to reduce fees associated with credit card purchases. With it, merchants can transfer the processing costs to customers who choose to make credit card payments. It’s interesting to note that surcharging was illegal in most states until 2013.
Credit cards remain a favored way of making payments among customers. Simply put, a surcharge amount is an extra fee that some merchants choose to levy on customers to cover the costs of processing credit card payments. This was meant for the “convenience” of paying by credit card over all other forms of payment.
Credit cards remain a favored way of making payments among customers. Simply put, a surcharge amount is an extra fee that some merchants choose to levy on customers to cover the costs of processing credit card payments. This was meant for the “convenience” of paying by credit card over all other forms of payment.
According to Forbes , 32% of consumers use it as their primary paymentmethod. But as great as they are for consumers, merchants know that accepting credit card payments comes with added costs in the form of processing fees. To avoid this, businesses can add a surcharge fee for credit card payments.
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