Hit $100k in card processing fees last quarter and it stung

I've been running a small retail shop in Cleveland for about 12 years now, and I remember when we barely did $2k a month in card transactions. Last quarter we cleared over $100k in processing fees alone. That number just floored me because it felt like yesterday we were paying pennies. What really got me thinking is how the fee structure has shifted over the years. Back in 2012 it was mostly a flat rate around 2.3% for swiped cards, now we're dealing with interchange plus and all these nickel and dime assessment fees. The equipment too, we went from those clunky Verifone terminals to a mobile reader that costs $30 a month. Has anyone else looked at their annual processing total and had a moment of sticker shock?

2 comments

2 Comments

ryang7713d ago

Yeah, that $100k fee number is brutal when it hits you.

henry_moore5513d ago

Did you look into negotiating that fee down or getting a credit back?