Small Businesses Waste $340 Million on Excess Credit Card Processing Fees During Holiday Season, Says FeeFighters

Share Article

In time of recession, small businesses have opportunity to reduce unnecessary fees easily.

Credit card processing fees are often the highest expense for business owners after inventory and labor. Unfortunately, most business owners don’t realize they can save substantially with a little research and comparison shopping.

The record-breaking 226 million shoppers that came out in droves Black Friday weekend were certainly welcome to small businesses, but the sales came at a price, says FeeFighters.com, a comparison shopping site for credit card processing services. With increased use of credit cards, smaller retailers will feel the hit of unnecessary credit card processing fees immediately and throughout the holiday season.

It is estimated that small businesses will rack up more than $340 million in unnecessary credit card processing fees over this holiday season. Unlike big box retailers that have the clout to negotiate low credit card processing rates, small business owners get mired in fine print and high fees from credit card processors which can severely hurt their bottom lines.

With 25 to 40% of a retailer’s annual revenue coming from the holiday season, it’s absolutely imperative for businesses to save where they can. Many aren’t aware that there are options to reduce credit card processing fees, which could save them thousands of dollars over the holidays.

“Credit card processing fees are often the highest expense for business owners after inventory and labor. Unfortunately, most business owners don’t realize they can save substantially with a little research and comparison shopping,” said Sean Harper, CEO of FeeFighters.com.

Chicago-based FeeFighters aims to help small businesses cut down their processing fees by comparing rates in a merchant friendly, competitive marketplace. Business owners simply enter information about their business on an online form, and receive competitive bids from processors. This saves an average of 40% on fees, and the process only takes 3 minutes.

"With December being our biggest retail month of the year, I am glad to have recently switched to FeeFighters. We are happy that we will see a substantial savings over our previous credit card processor," says Judith Arnell, owner of Judith Arnell Jewelers, a jewelry store based in Portland, Oregon.

For more information about how to cut down your credit card processing fees, please visit FeeFighters.com.

About FeeFighters.com
FeeFighters.com is an online comparison-shopping service that enables business owners to shop for credit card processing services quickly, efficiently, and at no cost.

FeeFighters evens the playing field for business owners, letting them keep more of their money without time-consuming, annoying sales calls from service providers. For ecommerce companies, FeeFighters recently released Samurai, the most powerful online payments tool.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Stella Fayman
Visit website