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Over 30% of Merchants Don’t Know What They’re Paying For
Did you know that more than 30% of merchants have no idea what they’re actually paying for when it comes to their card machine and rates? It’s easy to get lost in the sea of complex fees and costs, but those seemingly minor charges, such as PCI compliance, chargeback fees, and terminal rentals, can add up!
Over time, these pennies turn to pounds (which can turn to hundreds or even thousands of pounds), and ultimately - end up significantly impacting your bottom line. To protect your business, it’s crucial to understand where your money is going and ensure you’re not leaving profits on the table due to overlooked fees.
Understanding Payment Processing Fees
What looks like a simple 1.5% transaction fee can quickly balloon when you factor in additional costs like cross-border fees, monthly account maintenance, and other service charges. Before you know it, that fee could be over 3%, and you might not even notice until it’s too late. Whether you’re running a small business or a large company, these hidden expenses can really hit your bottom line. Payment processing fees can be tricky to keep track of, but getting a handle on them is key to your business’s financial success.
Take Control: Regular Audits and Transparent Providers
The best way to avoid surprise fees is to regularly check your payment processing statements and choose providers who are upfront about their costs. Many businesses are hesitant to switch providers because they think it’ll be too complicated, but getting out of your current contract is possible—even if there’s a termination fee. Some providers might even offer to cover those costs to win your business. By making the switch, you can save a lot of money and reinvest those savings back into your business. Don’t let hidden fees eat into your profits—take control of your payment processing today.