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The parties involved in processing a creditcard transaction: Cardholder: The individual or entity holding the creditcard and initiating the transaction. Merchant: The business or entity selling goods or services and acceptingcreditcardpayments. Card Network (e.g.,
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. Is it worth it for small businesses to acceptcreditcards, considering the fees?
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. debit or creditcard) as their payment.
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. This is because every business that surcharges is bound by law to inform their customers about it.
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