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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 Payment Methods.
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.
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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.
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