Over 33 million small businesses in the U.S. make up 99.9% of all businesses and contribute to 43.5% of the national GDP. Despite their vital role, many face growing challenges such as rising expenses and financial stress, with 60% describing their financial operations as chaotic. U.S. SMBs lose $153 billion annually to hidden fees, particularly in international payments. This loss represents an unfair burden and hampers their growth potential. The article emphasizes the need for more transparent financial services and offers practical solutions for SMBs to avoid undue charges.
However, despite the critical role they play in the economy, many small- and medium-sized businesses (SMBs) are fighting to stay afloat as they battle rising costs, decreasing interest rates and uncertainty around tariffs.
This is more than just a nuisance. It's a growth tax - an unfair burden that limits small businesses' ability to plan ahead and remain competitive in today's digital, global economy.
According to a recent study commissioned by Wise, 60% of small business owners describe the process of managing their financial operations as more stressful and chaotic than ever before.
U.S.-based SMBs are losing a shocking $153 billion a year to hidden fees in financial transactions, which costs individual businesses around $7,200 per year.
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