Affordable Credit Card Processing | We have you covered
Are you looking for an affordable credit card processor? More often than not affordable and credit card processing don’t seem to fit well together. This is partially due to the fixed cost imposed on merchants to accept credit cards called the interchange rate. The second cost factor is the additional rates and fees imposed by your processor.
Now the term affordable is subjective. What is affordable for some may be expensive for others so let’s begin with a base line of affordability. When auditing a merchant account it is important to calculate the effective rate for your processing. The effective rate is calculated by dividing your monthly processing fees by the total volume processed. This number should be below 3.0% for low risk retail merchants.
So, that being said, anything above 3.0% becomes more expensive than it should be and therefor more unaffordable.
The beauty of the effective rate calculation is the fact that it is a retrospective look at all the rates and fees your business is charged. Lots of providers offer seemingly incredible deals on processing rates only to hit you with exaggerated ancillary fees to make up the difference.
So if you truly want an affordable credit card processing solution, stop negotiating the individual rates and get commitment from your processor that your effective rate be 3.0% or less. Then you know you are getting the most affordable merchant account possible.
Let Maxx Merchants review your processing and we’ll guarantee your effective rate is 3.0% or below* while also providing the best in class customer service and support.
*Certain restrictions apply