In today’s digital world, out-of-network ATM fees have reached an all-time high. 17% of US consumers now use their smartphone to make payments on a regular basis. This number is high from 6% in 2014. In Europe, Spanish consumers are the most active users of mobile wallets: 25% of them are using mobile wallets on a regular basis. Next, come Italy (24%), Sweden (23%), and the UK (14%).

Cash is increasingly becoming more expensive, even when accessed through electronic means. Nationwide, consumers spend $4.69 to withdraw money from an out-of-network ATM. The number is up 2.6% from 2016, according to Bankrate Inc., a New York City-based consumer-research firm.

Bankrate reports the mentioned fee has jumped to a record high for the 11th consecutive year. It has grown fully 55% over the last 10 years. Over the same period of time, debit cards were becoming more widespread in stores, so consumers started carrying less cash with them.

More and more people are shopping online or on their mobile devices. If you’re not accepting credit/debit card payments yet, it’ll, by all means, cost your business time and money. Credit cards broaden your customer base and increase business efficiencies. To get easily approved for merchant accounts, including high risk merchant accounts, it’s critical to turn to a reputable payment processor in the field.

According to the head of digital banking solutions at a payment systems company, the ubiquity of mobile wallet acceptance is another important factor in the US. The EMV rollout is now left behind, and the majority of stores are NFC (Near-field communication)-enabled. Most larger retailers and even many smaller ones now guarantee the acceptance of mobile wallets.

Pittsburgh has the highest ATM fees, where the average per transaction is $5.19. Next, come New York City ($5.14), Washington, D.C. ($5.11), and Cleveland ($5.11). Dallas is the least expensive place ($4.07), followed by Milwaukee ($4.19) and San Francisco ($4.23).

Bankrate.com reports that the average overdraft fee for a checking account was $33.04 in 2016, down 0.1% from 2015, but prior to that, it’d increased for 17 straight years. In 2016, a non-customer bank would charge an average withdrawal fee of $2.90, a record for the 12th straight year. Your own bank charged an average of $1.67 more, a 2% increase from 2015.

Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No. 1 high risk merchant accounts company, serving both traditional and high-risk merchants.

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