Credit and debit card fees are now the third largest expense for many small businesses, significantly impacting their operations as consumer behavior shifted during the pandemic.
Patti Riordan highlights that her business faced a challenge with card fees growing to roughly $18,000 a year, leaving no room for increased expenses.
Merchants paid $172 billion in processing fees in 2023, a staggering 48% increase from before the pandemic, as reliance on card transactions surged.
Visa and Mastercard dominate the market with over 80% control, complicating fee negotiations for small businesses who are often left uninformed about fee structures.
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