If you run a business that accepts credit cards, you’re familiar with interchange fees. These fees can shrink profits significantly, but not if you avoid them.
What are Interchange Fees & How can Merchants Fight Back Against Them?
All merchants who accept credit and debit cards should be familiar with interchange fees, and that’s because interchange fees are a costly expense that significantly reduces a merchant’s bottom line. Interchange fees in the US are higher than anywhere else in the world, and last year Visa and Mastercard quietly yet significantly increased their interchange fee rates, a change that’s expected to yield them an additional $1.17 billion per year.
Interchange fee rate increases may be good for the large payment processing companies, but they greatly affect merchants and sometimes make a would-be profitable merchant unprofitable. However, there are things a merchant can do to get out from under the boot heel of interchange fees.
Published on August 4, 2022
Published by swipe4free
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Merchant Industry LLC 36-36 33rd St, Long Island City,NY-11106
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