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Credit card processors have a long way to go until gaining US small businesses confidence - study

Friday 29 August 2008 16:24 CET | News

Many US small businesses have shown distrust or lack of loyalty to their credit card processor which provides merchant accounts, according to a study. Among the reasons that justify this situation, small companies have cited hidden costs and fees, high costs, poor customer service as well as unexpected growth in rates.

Data indicate that 33 percent of businesses have declared that they have very little loyalty to their credit card processor, while others have expressed little or some loyalty (25 percent and 26 percent respectively). Of those involved in the study, 16 percent mention lots of loyalty to their merchant account provider. Nearly 40 percent of those involved in the study would require almost USD 50 per month savings to change the merchant account provider.The study was conducted by Transparent Financial Services.


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