HeroPay and the Association for Enterprise Partner in Small and Mid Sized Cities
Los Angeles, CA (RestaurantNews.com) Restaurants are arguably one of the most valuable assets of any community. Unfortunately, many small restaurants operate on slim margins, are pressed for time, and pay excessive banking fees.
One expense that is often overlooked and misunderstood is the price of credit card processing. The cost to accept credit cards can make up 2-5% of expenses, chipping away at the owner’s hard-earned dollar. To illustrate, while small business merchants (many of which are restaurants) make up 26% of the annual transaction volume in the United States but they pay a whopping 79% of processing fees!