subject: Save on Credit Card Processing Cost – Five Simple Tips [print this page] Save on Credit Card Processing Cost Five Simple Tips
Credit card processingis essential. However, many people are still hesitant to get merchant accounts and, in turn, have card processing capabilities due to the costs that are connected to the service. The fees for merchant services may seem steep, but there are actually ways to cut down on the cost for card processing. Here are five tips that can help you save money on merchant services:
If possible, always buy your credit card processingequipment. It doesn't matter if you need to buy a physical terminal or a point-of-sale program. These tools may seem pricey, but they are investments. Leasing may seem like a practical option due to the lower monthly costs, but you will end up spending more overall.
Choose your merchant account carefully. This cannot be emphasized enough. Make sure that you choose the account that fits your service to a tee. Ignore any non-essentials connected to credit card processing. For instance, if your store is a brick and mortar business, you will only need to process physical credit cards. You wouldn't need the capacity to process cards without the physical card terminal, so do not get a mail order-telephone order account.
If you will buy credit card processingequipment from a particular service provider, make sure it isn't locked down to their service. Some processors offer cheap equipment; apparently, the price you have to pay is that the equipment can only be used with their service. Therefore, avoid extremely cheap terminals and equipment (or inspect them thoroughly to discover why the price is low).
Take note of all fees in the card processing service you plan to choose. Many processors emphasize their low discount rate or low monthly fees. However, what they'll do is charge you low for one billing aspect and then charge you steeply in another.
Know the rules and limits of credit card processingand merchant services, so you'll know when a processor is pulling your leg. For instance, the processor might entice you with their loose chargeback and monthly volume restrictions, only to discover that their limits and standards are actually industry standards.
