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For a merchant to acceptcreditcards, they need to pay both creditcard processing fees to the banks involved and for the soft and hardware required to process cards. Typically, the merchant’s payment processing software will build the creditcard processing rates into their fee.
Consumers are increasingly opting for debit and creditcards or other digital payment methods—for in-store and eCommerce purchases alike. A study by the Pew Research Centre found that in 2022, 41% of consumers didn’t use cash for weekly purchases of essentials like groceries and gas.
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. For example, the interchange fees for online transactions may be higher due to the higher risk of creditcard fraud.
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. PCI DSS compliance, a global framework, mandates specific requirements and best practices for maintaining creditcard data security. No surprise there. Security audits.
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. The in-office terminal is a virtual terminal so there is no need for additional equipment or software.
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