Within the last decade, modern technology has had rapid improvements and dramatic changes made to the business market in Canada. While we’re sure it’s not limited to just Canada, we’ve seen quite the change from a personal standpoint. Because of the integration of electronic payments, processing fees and programs that have been supported by business programs and loans are rapidly adopted the many new types of electronic payments.
This is all thanks to the millennial demographic – a strong-headed demographic that demands control and leadership. A fantastic and almost scary thing for businesses to have to adapt to. Thanks to the young generation’s marketing skills online with social media, businesses have had to kick it up 10 notches just to survive against competitors.
All of this means that the payment processing companies are strapping up for providing bigger and better to their clients and how many people they need to securely provide payment processing for. The number of credit cards used every day have influenced the rates and economic changes, while allowing merchants to learn how credit card fees are adapting.
Since the increase in electronic payments, credit card fees and processing has become quite a competitive industry and the fees have been subsequently decreasing. That sounds all good, doesn’t it? But for those companies that used to make a big buck off of those fees are now struggling with their competitors.
Thanks to supply and demand, major credit card companies have been increasing demand for merchant services. The heightened amount of consumer spending has driven up the market trends and are currently creating one of the strongest bases that merchant service providers have ever seen.
How Do These CC Fees Relate to the Business Landscape and Recent Changes?
Interchange rates have increased a significant amount within the last six years, going from 1.67% to 1.59%. When you look towards the major CC companies and how their interchange rates have been determined depending on the merchant type, it pushes merchant service providers to do better, allowing them to gain value.
The penetration of the market has increased because of international vendors and businesses operating in a global environment. Communication, transportation, and business deals made with other countries allow for a strong foundation for business to thrive. The use of social media and marketing for doing so has created an even stronger base – something we have millennials to thank for.
In short, let’s illustrate this: the business landscape and market trends are all because of the keys to success. These keys are: choosing the best solution for individual businesses and activities performed, as well as the ability for a merchant service provider to adapt with ease and be able to change in the commerce landscape with no problem whatsoever. Being able to meet market trends without struggling will ensure a stronger future.
If you’re looking for a reliable merchant service provider, going with one of the best processors in Canada, Royal Debit, will ensure efficiency in the flow of your businesses’ finances, as well as lowering the related costs and fees.