AmiSight 4/3: Hidden Fees Are Draining Small Businesses—Here’s How

Just as there’s no such thing as a free lunch, there’s no such thing as free financial services, either.

Although lured by “free” services, small businesses were overcharged by $153 billion in hidden or undisclosed fees last year, according to research commissioned by Wise.

Credit card processing fees top the list of hidden costs. These charges often appear as transaction fees, statement fees, monthly minimums, and markup fees that weren't clearly disclosed upfront.

Next in line are bank account fees which include maintenance fees, minimum balance fees, and transaction limits.

And don’t forget about lesser-known hidden fees like insurance policy and payroll processing fees.

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