In the United States, small businesses are incredibly prominent, with over 33 million in operation, as reported by the U.S. Chamber of Commerce. These enterprises make up 99.9% of all U.S. businesses and contribute 43.5% to the national gross domestic product (GDP), underscoring their vital role in the economy.

Despite their importance, many small and medium-sized enterprises (SMEs) are struggling. They face increasing operational costs, declining interest rates, and uncertainties regarding tariffs. A study conducted by Wise highlights that 60% of small business owners find managing their financial affairs to be more stressful and disorganized than ever before.

While financial service providers often claim to support small businesses, they also impose additional burdens with hidden charges. According to the same study, these hidden fees are costing U.S.-based SMEs a staggering $153 billion annually. These costs largely stem from frequent and expensive transactions necessary for daily business operations. Of this amount, $43 billion is attributed to international payments, with each business losing about $7,200 each year.

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.

SMBs deserve more financial providers that offer transparency instead of predatory financial practices, but this won’t happen overnight. Until transparency becomes a more widespread practice, the burden still lies with small business owners to actively look out for deceptive charges and find the most affordable and transparent providers. Here are three practical tips to help SMBs avoid getting stuck with unnecessary fees.

1. Read the fine print

One of the most effective ways to avoid hidden fees is by thoroughly reviewing the terms and conditions before committing to any financial transaction or service. This applies to everything from bank accounts to merchant services and loan agreements, where many fees are buried in the fine print.

For example, sometimes you must hold a minimum balance in your account over a specific period of time, otherwise you may be charged an account maintenance fee. Always take the time to read through terms and conditions carefully, and if anything is unclear or seems vague, don’t hesitate to ask the provider for clarification or an itemized breakdown. Transparent communication upfront can help you avoid unpleasant surprises later.

2. Watch out for claims of a “special exchange rate” and keep shopping around

Especially when it comes to international payments, some providers may look to attract new customers by offering low-cost “special exchange rates,” only to significantly increase their fees on subsequent payments by burying them in a different exchange rate. SMBs should be cautious of these deals and make sure to compare these rates to the mid-market exchange rate, i.e. the one you would see on Google. Your financial provider may be counting on you not seeking alternatives, so it is crucial to form a consistent habit of comparing prices to stay ahead of hidden charges.

3. Check your statements

No one likes looking at bills, but it’s essential to continuously monitor your accounts and financial transactions to make sure no fees are creeping in that you didn’t expect. Regularly review your bank statements, transaction history and invoices to ensure that all charges are accurate and aligned with what was agreed upon. Many financial institutions also offer alerts for certain transactions, so set up notifications to keep an eye on unusual fees or activity. Being proactive and monitoring your statements can help you catch discrepancies early and avoid unnecessary costs.

In an industry rife with opaque pricing practices, it is still possible to seek out financial service providers that prioritize transparency. While the rest of the industry plays catch-up to meet the honest standards customers deserve, small business leaders can follow these three strategies to safeguard their hard-earned cash against hidden fees and empower themselves to invest in growth and innovation with confidence.