How to save on credit card processing for small businessesThere are many ways to save on credit card processing for small businesses. First you want to make sure you select a company with a good reputation. Always check www.ripoffreport.com.
Next, I always suggest asking for the customer service number and testing the customer service experience before going any further. Let’s face it you are trusting a company to handle, what will amount to, a sizable portion of your businesses accounts receivable. If that function has a problem it’s nice to know that it will be handled appropriately before you spend the time and energy of setting up the account.
Once you select a company it’s important to understand what you can negotiate. Interchange fees and association due and assessments are fixed but the processor markup and fees are completely negotiable. An example of these fees include but are not limited to; monthly statement fee, monthly minimum fee, per transaction fee, batch fee, PIN debit fee, address verification fee, annual fee, account access fee, PCI verification fee, termination fee, chargeback fee, set up fee, application fee, reprogram fee, etc.
Once you negotiate the very best rates and fees possible make sure, for retail businesses, the terminal equipment prompts customers to enter their PIN on debit/check card purchases (known as BIN Seeker technology). This has been proven to reduce costs up to 40%.
Lastly, make sure the business reviews their statement every month and compares each statement to the previous month. It is not uncommon to uncover junk fees that, when brought to the attention of the processor can’t be explained.
Want to know more? Check out: How to avoid big mistakes when opening a merchant account.