In today’s day and age, it is inevitable that business owners require credit card machines to facilitate and accept one of the most used forms of payment – credit cards. This also means that the business owner will naturally run into credit card processing fees. It has been observed that some businesses pay high overhead costs just to be able to continue processing such commodities. However, there is no need to pay more than you have to and just the direct cost from the credit card company. Yes! There are ways to avoid those pesky markup fees.
In the past, there were third-party businesses when owners wanted to process credit cards. They include payment gateways, merchant account providers, acquiring banks, issuing banks and credit card associations. With all these middlemen lending a “helping hand”, it just means that there were extra fees to bear. Some examples of those fees include IRS fees and terminal fees.
Reducing fees from your credit card machine is possible!
As mentioned, there is no need for you as a business owner to pay more and all you have to do is to get rid of the middlemen. This is exactly what you need to do to save more money in the long term. One of the best ways to go about this matter is to look for a merchant service provider that offers monthly billing arrangements that come with a flat fee, which is based on your business’s processing rate and size. Simply put, look for services that don’t have contracts and will allow unlimited credit card processing with a monthly flat fee. To get you started on the road to increased savings, below are some important traits you will need to look out for in a merchant services company:
Great merchant services providers offer the following:
- Free-of-charge processing equipment with each plan
- Recurring billing
- Quick setup and easy to read statement
- Next day funding
- Different subscription plans to choose from
- No contract or cancellation fees
- POS and ecommerce payment processing
- Subscription-based monthly processing flat fee
Set up your terminal and account properly
Sometimes, a small mistake may lead to higher credit card processing fees. Hence, you should always set up your account and terminal correctly right from the start and provide accurate business information. The setup process directly affects how the fee structure will work and the frequency of transactions, type of transactions and type of business matters as well. You should do your batch process daily as it more cost-effective than doing it once every few days or several times a week. Simply put, the longer you wait to process, the higher the rates and fees.
Consult a credit card processing expert
If you own a business and are clueless about credit card processing, you should always consult a credit card processing expert to gain a better understanding of everything you will need to deal with. These experts can help you debunk any credit card processing myths and their in-depth knowledge will help you get lower rates for your business.