<p style="text-align: justify;">Credit and debit cards are so convenient to use. They make shopping so much easier for consumers. Some may argue that they are just a little too easy, but studies have shown that the vast majority of purchases made will be increasingly paid for with a card. By 2017 three-quarters of all point-of-sale purchases will be made with credit and debit cards. That means that only 23 percent of sales will be made with cash. Businesses can’t afford to not accept some kind of card. They have to take cards to stay in business.</p>
<h4 style="text-align: justify;"><b>Businesses Pay Different Amounts</b></h4>
<p style="text-align: justify;">Credit scores aren’t just for people; businesses are assigned them, as well. If a business is found to be high-risk, they may have a harder time finding a company that will help them accept cards. To be sure, the fees they pay will be adjusted accordingly. However, it is better to make sales and pay fees, than it is to completely lose sales because the business can’t accept cards.</p>
<p style="text-align: justify;">Companies will charge different amounts for their credit card services. However, the following numbers are an average. Utilizing new technologies like mobile card processing can save businesses transactions fees with both a lower percentage and a charge per transaction. Business owners who opt to use merchant services providers should expect to pay about $10 for a monthly statement fee; $25 for a minimum monthly fee; $5 to $15 per month for a gateway monthly payment; and transaction fees of between 0.5 and 5.0 percent for each processed transaction, plus 20-30 cents for every transaction. Without even considering the monthly fees, if a customer wanted to charge a $10 purchase, the business could be out 80 cents in transaction fees alone. That’s eight percent of the sale.</p>
<h4 style="text-align: justify;"><b>How Business Can Save</b></h4>
<p style="text-align: justify;">Business can make sure to research the company they choose to use to process their card transactions. They can also protect their business credit and avoid being a risk. Finally, they can do what businesses have done from the beginning of time: pass the cost of the transaction onto the customer.</p>
<p style="text-align: justify;">You’ve probably seen the signs in stores. It says that an additional amount will be added to all credit card transactions. Sometimes a business has a minimum purchase requirement instead. Consumers seem to understand that card processing costs more and are willing to spend the extra money for the convenience of paying with a card.</p>
<p style="text-align: justify;">Clearly businesses won’t save by failing to accept credit and debit cards. Studies show that the costs are outweighed immensely by the benefits. Customers who are given more choices of payment, including cash and cards, are more likely to join the business’ loyalty program, make more impulse buys, and even spend more money on each purchase they make at the business.</p>

How Much Do Credit Cards Cost Business?
