Why Surcharging Is a Bad Move For Small Businesses — and What to Do Instead
I belong to a CEO peer group, and I love connecting with leaders who are further along in their journey. I work hard to keep my mouth shut and my ears open — because let's be honest, they have way more to teach me than I have to teach them. I also love it when they let me record our conversations on Plaud so I can revisit the gold later.
I used to think that most CEOs and business owners approached their growth the same way: by learning from those ahead of them. But lately, I'm starting to wonder.
Why? Because right now, I'm watching a surcharging frenzy unfold. Small and midsize merchants are racing to add extra fees to customers' bills to cover credit card processing costs. Yet not one major player is doing it. Not Apple. Not Walmart. Not Amazon. Not Target. Not Costco. None of them.
So, what do they know that others don't?
Related: Is Your Credit Card Processor Secretly Costing You a Fortune? Watch for These 5 Red Flags
Surcharging means adding a fee........
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