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The modern-day merchant simply can’t afford not to accept them at their business. Unfortunately for them though, creditcardpayments come with a cost. For perspective, US businesses paid a staggering $100.77 billion in fees for accepting Mastercard and Visa creditcards in 2023.
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If your company acceptscreditcardpayments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. Visa is one of the biggest payment networks in the world, with ~4.2B cards currently in use. So it’s virtually impossible for a business to not accept Visa cards.
These fees help cover the costs of processing the payment and maintaining the card network. Interchange fees themselves are non-negotiable and they’re charged whenever a merchant acceptscreditcardpayments. There are a variety of different fee types associated with processing creditcardpayments.
Even though they’re one of the most popular payment options today, acceptingcreditcards at your business can turn out to be a significant expense. Fortunately, creditcard surcharging is a good way to offset some—if not all—of the cost of acceptingcreditcardpayments.
And with merchants expected to pay as much as $502 million extra after price hikes in 2023 and 2024, these fees are shooting up faster than the transaction amounts spent on purchases. You could also add the phrase “We don’t surcharge cash or debit card transactions,” or add which card brands you accept.
That’s the value of eCommerce transactions that took place in 2023 in the U.S. In a world where we’re spending more and more time online and every click is a potential transaction, it’s no surprise the eCommerce and digital payments sectors are experiencing exponential growth. alone, according to a report from Insider Intelligence.
Businesses from every niche and corner of the world are noticing. Here are some of the most well-known companies accepting crypto as payment and what’s driving the adoption. 6 Major Companies Accepting Crypto as PaymentAccepting crypto payments as a business isn’t just for the tech-focused industries.
Acceptingcreditcardpayments at your business is a surefire way of increasing customer satisfaction and retention. Over 80% of American adults owned at least one creditcard in 2023. Also, creditcards contributed to 27% of the spending at point-of-sale (POS) systems worldwide.
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