Join PPAI's Research Work Group payment available. Where legal, surcharges must also be clearly displayed at the point of sale and on your receipt. The study found that virtually all (over 95%) of responding suppliers accept Visa and/or Mastercard. American Express is accepted by 81.3% of respondents, with Discover accepted by just over half at 54.2%. Fees can vary depending on the type of credit card accepted and the type of transaction. For example, interchange fees are made directly to the card issuer for each swiped transaction, and assessment fees are charged monthly by the credit card network so that a merchant can use certain credit cards. According to Forbes, the typical cost of credit card processing usually combines interchange and assessment fees. Finally, whenwe asked suppliers how they arrived at the credit card fee they charge to distributors, an overwhelming number of suppliers stated that they charge what the gateway payment provider charges. “Our invoices tend to be rather large, and if someone wants to pay a $10,000 invoice with a [credit card], the cost to us is over $300,” one supplier said. “We cannot afford to absorb that cost and therefore need to charge the customer.” There are a fewways to avoid these fees, like sending a check, asking your bank about an ACHor finding a new vendor. One supplier said, “It’s not every vendor and it’s not every transaction. Find a new vendor. You have options.” Fitzpatrick is the research manager at PPAI. Valdez is an associate editor at PPAI. 2. Which major credit cards do you accept? American Express Visa MasterCard Discover Not applicable Percent 100 80 60 40 20 0 Hello, my name is Robert Fitzpatrick. I am the Research Manager at PPAI. Now more than ever, business decisions are being made with data. I receive daily requests for information and data points that you and your companies need to do your best work. To create the insights that will drive progress for all of us, I need your help. I’m asking for volunteers to join me on the PPAI research work group. You’ll get to contribute ideas and knowledge, working closely with me and in coordination with your colleagues from across PPAI’s membership to advance our shared goals. If you’re interested in joining the work group, please email me at RobertF@ppai.org. | DECEMBER 2022 | 15 INNOVATE
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