During the pandemic, small businesses have adjusted to the payment methods they respect. Debit and credit cards are currently accepted by 92% of establishments. Another 55% of businesses have begun to accept or increase acceptance of either contactless debit or credit payments.
A third (33%) of the respondents said that they have started accepting or increasing acceptance of online and e-commerce payment methods. Meanwhile, more than half (53%) of businesses have reduced or stopped accepting cash as payment.
CFIB President Dan Kelly said, “Although credit card processing fees for some in-store transactions have decreased in recent years, this has been offset by a steep increase in higher costs for e-commerce transactions and the shift away from cash while the company is still operating.” is more than the epidemic.”
Complicating the issue, even small businesses are less likely to have professional financial experts handle their affairs. More than half of firms (54%) have trouble understanding their payment processor’s contract, and 41% are unsure of their pricing plan. Processors are not required to use consistent language or show information in the same way, making it more difficult for traders to interpret and compare statements or contracts.
The CFIB is pushing the federal government and the payments industry to help small businesses by reducing the average overall cost of credit card fees and ensuring that small retailers are paid the same price as larger merchants, as pledged in the 2021 federal budget. be received.
