News: Businesses Losing Thousands in Credit Card Costs

Small businesses everywhere know the costs of processing card transactions, even driving many to pass the costs onto their customers by charging extra or only accepting cards for transactions over a certain amount.

However, 80% of businesses are unaware that they are paying higher rates than necessary for credit card transaction processing, according to the Card Processing Advisory Service (CPRAS).

“CPRAS has found significant overcharging for a high percentage of traders and eight out of 10 businesses are paying significantly too much for their merchant accounts,” said CPRAS founder, Graham Hallewell.

It’s all down to complex practices surrounding credit card transaction fees, which can vary by more than 100% even for businesses in the same industry with a similar turnover.

Do you have a limit for card transactions, or charge your customers more for paying with this method? Leave us a comment below to let us know.

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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