What’s in your wallet…
This is the question raised by one of the largest financial institutions today. But when you’re a merchant, it’s more important to know…..
Who’s in your wallet.
That’s right who is in your wallet. Every card swipe, every time someone pays with cash, every transaction that goes through your business someone is getting part of it. Like Vikings, pillaging and plundering a village, your profits are being drained by interchange, gateway fees, connection fees, hardware fees and the list goes on.
So how much are you losing?
The issue is the costs associated with taking credit or debit cards as a form of payment. The average all-inclusive cost to use these forms of payment is 3-4% of the gross sales. The costs vary slightly depending on where the sales are conducted i.e. retail storefront or online. Overall this is impacting your bottom-line and overall profits by as much as 20%