Mitigating the Impact of Rising Interchange Fees

While using credit cards is a convenience for consumers, this form of payment represents a major cost center for restaurants. In fact, credit card processing fees rank as the third highest cost of doing business behind the cost of food and labor. As restaurants work to recover from the impact of the pandemic, interchange fees or “swipe” fees continue to curb their ability to grow and thrive. Although these fees can be a growth inhibitor, innovative credit card processing software, services and solutions can help drive growth and mitigate the impact of rising interchange fees.

Credit card acceptance is an essential part of doing business today as more consumers move toward cashless forms of payment. According to a PYMNTS survey of 3,250 U.S. consumers, 33 percent of these consumers used a credit card for their most recent restaurant food purchase. This research, from the March edition of the Digital Economy Payments report, “Going Digital to Pay for Travel and Restaurant…