3 Steps to Reduce the Cost of Collecting Payments
For a vast majority of business, credit card payments are a necessary expense. Yet credit card processing costs also include a variety of fees, such as gateway and minimum processing fees. It is easy to see how the costs for handling credit cards can quickly go up. So how can a small business owner control these costs effectively? Here are three simple steps to enjoy low cost credit card processing.
Swipe to Reduce Credit Card Fraud
The fees go up if you and your business are determined to be a high risk merchant by your credit card processor. Therefore, to reduce the risk of credit card fraud and your chances of being labeled a high risk merchant, it is important to swipe as many cards as possible and then enter the necessary security information. Major credit card brands set higher rates when the cards are keyed in to offset their security risk, as keyed in cards are more likely to result in a fraudulent charge. Swiping cards is simple with the variety of options currently available, which include wireless and mobile terminals.
Properly Setting Up Your Machine and Account
When setting up your account, be sure to review all the data provided to your merchant processor before finalizing your account. If your account is not set up correctly, you can incur higher processing fees due to not providing accurate business information. This also holds true for your terminal as well. Make sure that you are processing your credit card transactions every 24 hours, thus lowering the number of transactions for that period. Less frequent processing throughout the week can equal higher rates and fees.
Work with a Credit Card Processing Expert
When working with an expert, you can easily lower the costs of credit card processing costs by getting only what you need for your business, instead of multiple add-ons. Their relationships with various processors can assist you to find the best fit for your business.
Finally, it is important to understand that processing credit card transactions is a way of life that will not be going away. To maintain your ability to do business, be willing to explore the options available with an expert in credit card processing. You may be surprised at the alternatives available.
Merchants Bancard offers low cost credit card processing with a variety of options and technologies available. With years of experience, they assist small businesses in choosing a credit card processing option.