HH #29: The Truth About Credit Card Fees

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Welcome to our latest newsletter! As small business owners, we all try to keep costs low, and credit card fees can feel like a big deal. Usually, these fees run around 3-4%, which means if a customer pays you $100, $3-4 goes to the credit card company. Sure, that adds up, but in the bigger picture, it's not worth stressing over.

For example, if you process $200,000 a year, you might pay $6,000 to $8,000 in fees. Sounds like a lot, right? But here’s the thing—it’s more important to focus on growing your business than worrying about a small fee. Switching processors to save half a percent might feel like a win, but it takes up time and energy that could be better spent on bigger opportunities.

Why Credit Card Fees Aren’t Worth the Worry

Your customers want easy payment options, and if you don’t accept credit cards, they may go elsewhere. Yes, there’s a fee, but losing business because of limited payment options will cost you way more in the long run.

"I try not to focus on the minor fees. If the system is making you money and you're growing your business, those small costs are worth it." Barbara Corcoran, Shark Tank Investor

While it's good to keep your fees low, don’t waste too much time on it. You could spend hours researching and switching providers just to save a couple hundred bucks. That same time could be used to bring in new business or improve your operations.

Don’t Pass the Fees to Your Customers

A big mistake is passing credit card fees to your customers. People don’t like extra fees, and it can push them away. Instead, raise your prices a bit to cover the fees. That way, your customers don’t feel like they’re being nickel-and-dimed, and you still get to absorb the cost.

Build a Relationship with Your Processor

Rather than bouncing around from one processor to the next, build a strong relationship with a trusted one. I’ve worked with the same processor for over six years, and that partnership has saved me in the long run. A good processor can help you avoid unnecessary fees, handle annoying compliance issues, and keep your business running smoothly.

Focus on What Really Matters

At the end of the day, what matters most is bringing in business, charging the right prices, and running efficiently. If you're focused on growing your revenue and making things run smoother, credit card fees won’t seem like such a big deal.

"Don't major in minor things. Focus on the big picture, and don't let small costs or setbacks derail your progress." Tony Robbins, Entrepreneur

Keep Payment Options Simple

Don’t overwhelm yourself with too many payment options. Accepting everything from checks to Bitcoin can make it harder to track your money. Stick with two or three options, like credit cards, cash, and maybe Zelle, to keep things simple.

Actionable Tips:

• Absorb Fees: Slightly raise prices to cover credit card fees instead of passing them to customers.

• Build Relationships: Stick with a reliable processor to get better service and avoid jumping around.

• Focus on Growth: Spend time on growing your business, not on small savings.

• Simplify Payments: Limit payment options to keep finances organized.

• Price for Value: Make sure your prices reflect your service’s worth, not just what it costs to run.

At the end of the day, running a successful business is about focusing on what really counts. Don’t sweat the small stuff—like credit card fees—that can distract you from what actually helps your business grow. Keep your energy on landing more jobs, building better customer relationships, and delivering top-notch service.

When you stay focused on the big picture, your business will thrive, and the opportunities will keep coming. Keep pushing, keep growing, and the future will take care of itself.

See you next Sunday!

Justin Hubbard

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