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What YOU Need To Know About Credit Card Interchange Fees

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How Your Small Business Can Save on Credit Card Processing Fees

Let’s face it: If your small business accepts credit cards, there will always be credit card processing fees to pay. Typical merchant account companies charge up to 5% on everything a company earns from credit card sales, including processing costs, interchange costs and statement fees, according to the U.S. Small Business Administration. Consumers are increasingly choosing plastic over cash, so declining to accept credit cards likely isn’t the best way to avoid processing fees. Just 23% of all point-of-sale purchases will be made with cash by 2017, while credit card purchases are expected to increase from 29% in 2011 to 33% by 2017, according to Javelin Strategy & Research. Credit card processing fees might be unavoidable, but here’s the good news: You can still reduce these fees and save your business money with some careful planning and research. 1. Comparison shop before choosing a processor Just as with any financial product, you can get the best deal by doing a little compar...