How To Reduce Credit Card Processing Costs

To accept credit cards in your business, you’ll have to pay fees for both setup, application, processing and customer service. Providers charge differently. One may require a low rate but charge more for service, another may charge for setup and administration. You should research and find the right merchant service provider for your business.

To start accepting credit card payments, you need to set up your merchant account. To enjoy the best rates and service, you should look for an account that will best suit your business volume and needs. With each account type, you’ll find specific rates and qualification requirements. When choosing an account for your business, you should ask the potential provider the right questions about costs such as:

  1. What are your non-qualified rates? (These may or may not be published).
  2. What are your monthly fees?
  3. What are your monthly minimums?
  4. Do you charge any contracts or cancellation fees?

Be aware that the biggest upfront costs are associated with setup, equipment, and software. There exist a variety of terminals. You’ll see them range in price based on the printing and connection functionality offered. It’s important to remember that:

  1. You shouldn’t pay extra for terminal functions you’ won’t need
  2. Processing software can be used instead of a terminal if all your business is done online and over the phone
  3. Your provider can reprogram your existing terminal (ask the provider about this)
  4. High cancellation fees and long-term contracts may cost you more in the long run

To enjoy the lowest possible rates in the industry, turn to eMerchantBroker, #1 high risk processor in the US. EMB boasts an A+ rating with the BBB and is rated A by Card Payment Options. With EMB, you can get the best high risk merchant account for your business.

When it comes to rates and fees, most of your costs are going to be associated with transaction processing fees. Your rate per transaction is determined based on your personal and business risk, percentage of card-absent sales, average dollar amount per sale, and total dollar amount of monthly sales. Lower transaction risk will result in a lower rate to be paid. To get the best rate for your business, it’s critical to understand the rates and qualifications concerning each type of sale.

In case your system isn’t working, you shouldn’t pay extra for getting help. This isn’t related with those cases when providers charge for premium services. You may also be charged for printed account statements, account updates, monthly minimums or maximums, and service cancellations.

Take into account that other charges may include operational fees. The majority of these charges make up part of your transactions. They are simply the reflection of the cost of doing business.

Accepting credit and debit cards requires paying fees. To enjoy the best credit card processing costs, accurately record your processing costs, regularly audit your records and evaluate how cost-effective your business rules and practices are.