For many small businesses, the rising cost of accepting credit card payments is one of the biggest hidden expenses. Every time a customer pays with a credit card, 2–3% of your revenue goes to the card networks and payment gateways. Over the course of a year, that adds up to thousands of dollars lost.
That’s why we’re excited to introduce Credit Card Surcharges as a new feature in PaySimple that helps you keep more of your hard-earned revenue. Let’s review what it is, if it’s right for your business, and how to implement it.
What is a credit card surcharge?
A credit card surcharge is an additional fee that a business may add to a transaction when a customer pays with a credit card. This fee is often a small percentage of the total transaction and the intent is to offset the business’s cost of accepting credit cards. A surcharge applies only to credit card transactions and is designed to help the business manage the increasing expenses charged by credit card networks. Payments made with a debit or prepaid card, cash, or check will not incur this fee.
Why it matters
1. Protect Your Profits
If you process $30,000 per month in credit card payments, a 3% fee equals $900 in lost revenue every month. With surcharges, that money can be reinvested into your business.
2. Stay Competitive Without Raising Prices
Instead of increasing prices for all customers to cover credit card fees, the surcharge feature allows you to assess a fee only to customers who choose to pay with a credit card.
3. Compliant and Stress Free
PaySimple calculates a surcharge based on your country and card network rules. You can use your local expertise to toggle off any surcharge that is not permissible.
4. Easy to Activate
The Credit Card Surcharges feature is easy to turn or off in your payment settings. Please refer to our credit card surcharges documentation.
The Bottom Line
The Credit Card Surcharges feature from PaySimple is one of the easiest ways to boost profitability without raising prices or cutting costs elsewhere. With PaySimple, you can enable it in minutes and start saving immediately.
Activate surcharging in your integrated software today and keep more of what you earn.