The Hidden Cost of Convenience: Credit Card Processing Fees and Their Impact on Consumers
We all know how convenient it is to swipe our credit cards for everyday purchases. In fact, as of 2022, 82% of U.S. adults had a credit card, making it the most common consumer lending product. In addition, according to a Forbes Advisor survey from December 2023, less than 10% of Americans prefer to pay with cash. With 53% of consumers using physical or virtual debit cards, and 37% using physical or virtual credit cards, debit cards and credit cards are the most common payment methods. There is, however, a complex world of fees associated with credit card processing behind the seamless experie...