It is no secret that smaller businesses are struggling to keep with growing overhead costs these days. Especially when it comes to accepting payments, the fees can add up to very large amounts rather quickly. A new initiative in Europe aims to lower these transaction fees by up to 1.500 EUR per year. That is, assuming card processors will give retailers the discounted rate in full, and not shave off a small cut every time.
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Nearly every physical retailer is accepting in-store card payments, either through credit, debit or bank cards. Most consumers have access to these types of payment in the Western world, and cashless payments are slowly but surely becoming the norm in several countries. But when merchants are not receiving the funds from these card payments due to the third-party company processing these transactions, it becomes clear once again why alternatives such as Bitcoin are so valuable.