Businesses are struggling with changing macroeconomic conditions. A slowed economy, high inflation, and rising operating costs are forcing business owners to look for new and creative ways to claw back their profits. One operating costs that has kept increasing even before all the latest economic downturns has been credit card processing fees. In fact, credit card fees have more than doubled in the past 10 years. Credit card fees amount to the third-largest operating expense for most businesses. Swipe fees are nothing new, but small business owners are increasingly looking for ways to lower those costs.
Swipe fees in the US are among the highest in the world, with an average rate for VISA and Mastercard at 2.22% in 2021. Until now Business owners had very few options when it comes to saving on credit card fees; they could switch payment providers to save a couple of percentage points or they could build the cost into consumer pricing. VISA and Mastercard controls 80% of the market, so businesses are left with no choice but to pay those fees.
FEEPASS, our flagship product has been a game changer for business owners across the United States. FEEPASS eliminates all your processing fees, helping you save and grow your business. Contact us to learn more.