CardX in Entrepreneur: “Processing Costs for Online Payments Are About to Go Up. Here’s What to Do About It.”
“As business owners look forward to more normalcy this spring and summer, not all aspects of ‘business as usual’ are cause for optimism: The return of increases in credit and debit card processing costs, often called interchange or swipe fees, will create additional strain for businesses striving to manage their expenses.
The upcoming rate hikes from the card brands — the most significant in a decade — were previously scheduled to take effect last year, but the proposed changes were put on pause and will now be implemented in April 2021.
Many businesses, particularly those who accept business-to-business (B2B) transactions or online payments, will find that these increases significantly affect their profitability and wonder what alternatives are available. Fortunately, there are options beyond simply accepting another increase, and businesses have more choices than ever before in deciding which model for digital payments makes most sense for them.”