Accepting credit cards is a must have for most businesses today but the convenience doesn’t come free – at least for the business. Many consumers do not know that businesses are responsible for all processing fees incurred by accepting all credit card types. To all you business owners out there – there are things you can do to reduce these fees! Dominic DiGiacomo explains how to lower your business’ credit card processing costs in this short video:
Here are four simple ways that you can lower your business’ processing costs:
|Swipe as much as possible. Swiping credit cards instead of entering them manually to process a transaction is one of the best ways to cut down on your processing fees. Processing rates are lower because swiped transactions are known to be more secure posing less of a fraudulent risk to the issuing card’s financial institution.Even if you process transactions using an online terminal, there are inexpensive USB connectable card readers that are easy to setup and use.|
|Review your monthly processing statements. If you don’t know how to read your statements, call your representative and have them explain it to you. If you don’t currently look over your statements on a regular basis, we highly recommend you do so. Credit card processing companies can raise your rates and all they have to do is add a small disclaimer to your statement. If you do not know how to read your statement or just never do, you will most likely miss this announcement and your fees will go up without your knowledge.|
|Change providers. It’s never a bad idea to shop around a little or have another credit card processing company complete a cost analysis every so often to ensure your rates are staying competitive. If you’re fed up with your processor, you have the right to switch providers. The transition is typically easy and most of the time you don’t need to purchase new or additional equipment.|
|Be cautious of long term contracts and gimmicks. We all remember the saying “if it sounds too good to be true, it probably is.” The same saying applies to credit card processing agreements as well. If it seems like they are offering you the world, think again before you sign on the dotted line.Many companies will try to earn your business by offering a free credit card terminal. We all know that there isn’t much that comes free in life and credit card terminals are no exception. Most have lengthy contracts, hidden fees, or higher rates. Don’t be afraid to ask questions!|
If you have any questions or would like a free cost analysis to compare your current rates, please visit us online at bestcardpayments.com for details and to submit your request.