 say the joy is being taken out of running their business – as they are hit with 'hidden' transaction fees of an average of 3% per transaction. Nearly half (45%) of the 500 businesses polled, who sell products online, believe these fees from payment processing firms are too much – particularly amid the unprecedented struggles currently being faced by small enterprises. And 88% believe their business would see a positive impact if these payment processing costs did not exist – with 45% saying this impact would be significant. The figures were revealed in a new report by Super Payments – the world's first payment provider to offer free payments to ecommerce businesses, to explore the impact and understanding of payment processing costs. One business which has been impacted by high fees is Little Green Radicals, which was founded 18 years ago, and makes children's clothing with a focus on sustainability and fair trade. While the business continued to grow, despite the challenges of the last few years, founder Nick Pecorelli was increasingly focused on where the business could make greater savings. He said: 'We pay, on average, 2.9% per transaction, which as a small business is a lot. I kept asking myself, why are we paying these high transaction fees – there must be an alternative. 'When I heard about Super Payments, I leapt on the idea, because the savings I make mean I can offer customers a cash reward on every purchase they make.' A separate study of 2,000 adults, also commissioned by the payment provider, found 43% had no idea payment fees running up to 5% of the purchase price were being added to the cost of items. And 37% have sympathy for online retailers because of the 'behind the scenes' costs they encounter. Meanwhile, 45% of the shoppers polled, via OnePoll, would shop more if these fees did no){kind=link}
In a time of unprecedented challenges for businesses, nearly half of online retailers say these hidden fees are too much
More than two-thirds of online retailers (67%) say the joy is being taken out of running their business â as they are hit with ‘hidden’ transaction fees of an average of 3% per transaction.
Nearly half (45%) of the 500 businesses polled, who sell products online, believe these fees from payment processing firms are too much â particularly amid the unprecedented struggles currently being faced by small enterprises. And 88% believe their business would see a positive impact if these payment processing costs did not exist â with 45% saying this impact would be significant.
The figures were revealed in a new report by Super Payments â the world’s first payment provider to offer free payments to ecommerce businesses, to explore the impact and understanding of payment processing costs. One business which has been impacted by high fees is Little Green Radicals, which was founded 18 years ago, and makes children’s clothing with a focus on sustainability and fair trade.
While the business continued to grow, despite the challenges of the last few years, founder Nick Pecorelli was increasingly focused on where the business could make greater savings. He said: “We pay, on average, 2.9% per transaction, which as a small business is a lot. I kept asking myself, why are we paying these high transaction fees â there must be an alternative.