Almost every business today uses one sort of credit card processing service or another. If so, then you may be interested to know that you’re not saving as much money as you think using these merchant accounts. Below you will find some basic ways to save on card processing fees that may help you avoid costs associated with transactions.
If you process very many credit card payments, you should be sure to finish all transactions the same day they were made. Stores that use terminals at the point of sale should hold off completing payment processing until all payments have been made for the day. If you have transactions that are older than 24 hours, the processing fees will quickly increase. The important part is that you will end up paying a more significant percentage for each transaction.
If you are interested in getting the lowest discounts on transaction fees, you can avoid entering your customer’s card number manually. You should try to re-swipe the credit cards as often as you can. If a customer’s card does not swipe through the terminal properly, then you just repeat the process since cards that have been swiped over are eligible for lower transaction fees so that you save money in the long run.
It may be a good idea to take the time to confirm the signature on the back of your customers’ credit cards. If there is no signature, you will need to request some other form of identification to reduce potential cases of fraud. You will be able to save on credit card processing fees here as well. Merchants should understand that claims for scams and account disputes make up the primary reasons for cost increases. The type of expenses you can accrue could be between and, or even higher.
Be sure that you are following the directions for using your card terminal in the appropriate manner when making credit card transactions. Card terminals will often prompt you for more information or provide instructions for processing specific types of credit card transactions. This is clearly the case with corporate credit cards and debit cards. If you enter the proper data into your credit card terminal, you should not have trouble saving money on those individual transactions.
Part of your responsibility is to examine your merchant account statements. If you have a growing business or the number of credit card transaction has significantly increased, you may need to consider a change of account plan or other cost reduction options. There may be instances where you could get lower discount rates once your average amounts per purchase changes. Of course, you could always cut back your processing costs by eliminating services for credit cards that see the least amount of traffic at your business.
When you have started using the previous tips for saving on credit card processing fees, you should begin to see changes in your profit margins and expect lower processing statements. There is no reason whatsoever to pay more for processing cards than you really have to use merchant account services.
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