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I got $400 in cash back.
I guess all the businesses I used the card at had to pay fees though.
I think this is specifically talking about users.
I bet businesses pay a lot more that 130 billion at 3% per transaction.
As a business owner, there is also a monthly generic processing fee. Oftentimes there's a software licensing fee. There's also a compliance fee (sometimes). There are also periodic shore-up fees of the over/under was off during the month. Sometimes there are equipment rental fees or service fees, or you can buy it outright but there's typically still a monthly fee to use it.
Also AmEx is the worst offender depending on your processor, they can charge upwards of 6% to process. Discover is around 3%. Visa & MC are ~1-2%. That's why blended processors tend to be around 2-3%, but it also depends on volume.
Honestly, looking back at a former small business I had, I think it would have been better to be cash only and have an ATM. I know it'd annoy some customers, but our fees/costs just to accept cards was probably 5-10% of gross revenues each month. Then you take out labor, utilities, rent, raw cogs, etc. and your net margin gets real small, real fast.
They have to pay annual fees as well. That's several thousands right there.