As a business owner, you are no doubt aware that accepting credit cards is a key component of doing business. Hardly anyone carries cash or checks anymore, so a business that does not accept cards is likely to lose customers to other businesses that do. However, opting to accept credit cards meaning paying processing fees for those transactions. In a business with a tight profit margin, like a coffee shop where most transactions are $10 or less, those fees can add up over the course of a month and take a big chunk out of profits.
Many businesses simply accept these fees as a cost of doing business, and customers are unaware as they casually swipe their cards. But a growing number of merchants are frustrated to keep paying credit card processing fees and are looking at ways to pass them onto their customers.