Many businesses assume that their payment processing costs are fixed, but hidden fees can eat into margins.
Interchange fees, scheme fees, and acquirer mark-ups often go unnoticed.📈
Without a clear breakdown, businesses may be overpaying significantly.
A major issue is auto-renewing contracts that contain outdated pricing, making businesses pay more than necessary.
A detailed review of fees can reveal opportunities for cost savings through renegotiation or switching providers.
For example, Häfele UK Ltd, a leading supplier of furniture fittings, partnered with BB Merchant Services to evaluate their payment processing costs.🪑
By benchmarking against industry rates, they secured a 20% annual saving—without changing providers.
Understanding your payment structure is crucial for financial efficiency.
Businesses should regularly review their contracts, request detailed fee breakdowns, and seek expert advice when needed.📝
Even small percentage reductions in processing fees can result in significant long-term savings.
A proactive approach ensures businesses are not paying more than necessary, keeping costs optimised for long-term success.
What Businesses Need to Know About the True Costs of Payment Processing
