There are over 33 million small businesses in the United States, according to the U.S. Chamber of Commerce, making up 99.9% of American businesses and comprising 43.5% of the national gross domestic product (GDP). Calling these businesses anything less than the "backbone" of the American economy is an understatement.

However, despite the critical role they play in the economy, many small- and medium-sized businesses (SMBs) are fighting to stay afloat as they battle rising costs, decreasing interest rates and uncertainty around tariffs. In fact, according to a recent study commissioned by Wise, 60% of small business owners describe the process of managing their financial operations as more stressful and chaotic than ever before.

Financial services providers are often the first to voice their support for SMBs. Yet at the same time, they are placing further financial pressure on these very same businesses in the form of hidden fees. The same research reveals that U.S.-based SMBs are losing a shocking $153 billion a year to hidden fees in financial transactions, driven largely........

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