What Are the Costs Associated with Different Payment Methods?
Different payment methods come with varying costs. Credit card payments often include processing fees, which can range from 1.5% to 3% of the transaction value. Digital payment systems like PayPal may charge a fixed fee plus a percentage of the transaction. Bank transfers are usually cheaper but can take longer to process. It's essential to factor in these costs when choosing a payment method to ensure it aligns with your budget and business model.