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With cashless now BEING king, credit and debit cards are the primary method for your customers to make payments. of consumer payments came through cardpayments. And electronic payments were at 14.2%, closing in on cash at 15.5%. Card Network (e.g., Pre-pandemic, 62.3%
A 2022 survey by the Pew Research Centre found that 41% of consumers don’t use cash for weekly purchases like gas, meals, and groceries. This figure used to be 24% in 2015 which makes it evidently clear that card usage is on the rise. It’s one of the many ways that businesses can reduce the cost of processing cardpayments.
Swipe fees have doubled in a decade and increased by 20% since 2022. Creditcard surcharging can help offset these expenses, but it can be tricky. Learn how to achieve payment processing compliance when surcharging to improve your company’s financial stability and reputation. Encouraging Alternative PaymentMethods.
Cashless transactions have dethroned the age-old cash payments. With creditcard transaction volume hitting over $9.5 trillion in the US in 2022, acceptingcardpayments is no longer a question of whether to, but how to. These fees also vary depending on the card network.
Cash payments are passé. Consumers are increasingly opting for debit and creditcards or other digital paymentmethods—for in-store and eCommerce purchases alike. This was a huge leap from 2018 when only 29% used cashless payments for the same. The writing on the wall is clear.
Creditcard processing fees are expensive. In 2022, industry data shows that creditcard companies earned a whopping $126.4 While some businesses have accepted swipe fees as a way of life, small business owners may struggle with remaining profitable while also providing a range of payment options.
Did you know that creditcards accounted for 31% of all payments in 2022? Creditcards are ubiquitous, and no business (regardless of its size) can afford to ignore creditcardpayment processing in the current landscape. Learn More What Are Non Cash Adjustment Fees?
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