Any business owner, professional, or website owner knows that there is one big, undeniable “hidden cost” when their customers pay via credit card: processing fees! While these small fees, which usually amount to 3-5% of a transaction cost, may seem small, when you consider them over time it adds up to thousands of dollars in lost profit for you and your business.
While the base costs of a processing fee charged by the credit card companies themselves – such as VISA, American Express, and MasterCard – are not negotiable for small retailers, the markup costs charged by the bank or processing company you use can definitely be changed!
Created by Payment Depot and Published by All Infographics, a low-cost credit card processing company, this enlightening infographic teaches you how credit card processing fees are calculated, what the difference is between “base costs” and “markup costs,” what each of the major brands charges its clients, and – most important of all – how you can reduce the costs of your credit card processing fees and keep more of your business profits for yourself. Featuring bold, colorful artwork that helps explain and simplify the financial statistics and concepts being discussed, this infographic is a remarkably useful resource that is sure to help educate any business or website owner about how their credit card processing fees work.
For a simple exercise in how significant processing fees can be over time, consider a business that processes $20,000 a month with an average transaction of $50. For a standard processor, that’s over $700 in processing fees for that month alone, or – in other words – over $8400 in processing fees for the year! Obviously, cutting that rate in half would save your business thousands of dollars. To get started on improving the profitability of your business by reducing your credit card processing fees, check out this hot new infographic!