Stumbled on a stat about small biz credit card fees that blew my mind

I was going through my business bank statements last night and got curious about the 2.9% processing fee on every transaction. Turns out that fee adds up to over $1,000 a year for my little shop in Denver, and I found this breakdown on a small business forum that showed how even a 0.5% drop could save me $500. Anyone else ever negotiate those rates with their processor and see a real difference?

3 comments

3 Comments

thompson.nathan1mo ago

Is $500 really worth dealing with a new processor? That’s like asking if changing a flat tire is worth getting your hands dirty. I mean, sure, you could keep driving on the rim and hope for the best. My kid tried to fix his bike chain with duct tape last week and now he walks everywhere. Sometimes the hassle upfront saves you from the bigger headache later, you know? Unless you’re really attached to that rusty bicycle, then by all means keep it.

maryt621mo ago

Is saving $500 really worth dealing with a new processor?

evan_burns951mo ago

Have you actually USED a new processor before, or is this your first time upgrading? Because the difference isn't just $500, it's like going from a rusty bicycle to a sports car in some cases. A friend of mine stuck with an old Intel i5 for years to save cash, and then his games started stuttering and his video renders took FOREVER. After he finally switched to a Ryzen 7, he said it felt like he got a WHOLE new computer for way less than buying a new one. So the real question is: what are you currently doing that makes you think the $500 isn't worth the hassle?