We all use credit cards in our daily lives, and there is no denying that they’re an extremely convenient method of exchanging capital. But every time a credit card gets swiped, both the credit card company and the bank or processor administering the transaction take a cut of the sale – what they call a “processing fee”.
Few people know about these processing fees, and fewer still know precisely how they work or why they’re charged! Luckily, Payment Depot – a low-cost credit card processing firm – has produced this informative infographic to shed light on this little-known but crucial aspect of the modern business world.
From clarifying the fundamental difference between “base costs” and “markup costs” to understanding how big box stores are able to negotiate lower processing fees with the big banks, this pictorial overview of the processing fee industry can make anyone into an expert on the subject in a matter of minutes.
But as good as education itself is, saving money feels just a nice – which is why this infographic also discusses how small business owners can cut down on their processing fees by switching to alternative processors instead. So make a wise business decision today and check this one out – you’ll be glad that you did!
(Click on the image for full view)