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If you do not want to pay hefty credit card processing fees, you may find this article helpful. According to small businessmen, paying hefty fees for card processing is becoming a burden. Figures released by the Bureau of Labor Statistics show that half of startups fail within the first 48 months. According to predictions, the credit card volume will increase by 33% by the end of 2024. On the other hand, the volume of cash payments is going to decrease by about 27%. Below are details of some common methods that can help you get the best deal. Read on to find out more.
1. Use merchant services instead of a bank
If you work with a merchant service provider, you can use their merchant account to process credit cards. Some banks offer merchant services. In reality, they outsource the services to third parties. As a result, they charge you extra for the services.
So, if you use a merchant service provider instead, you don’t need to redirect your customers and clients to another provider. Plus, you can enjoy direct fraud protection. In fact, over 80% of startups fail because they have cash flow problems.
2. Go for PCI-Compliant Payment Gateway
Basically, payment gateway refers to a cloud-based software program that handles credit card processing. The role of this application is to support transactions done through credit cards. Also it forms a link between the card issuing bank and the credit card network. After approval, money is transferred from the customer’s credit card to the merchant’s account.
We know that sensitive data is involved in this process. Therefore, you may want to work with a PCI-compliant payment gateway. In other words, this type of gateway must use encryption and tokenization techniques.
3. Integrate Your Payments
Rather than relying on an outside software program for your payments, we recommend that you hire the services of a provider that provides a means to process transactions within your accounting software program. The objective is to get rid of double data entry and reduce human error.
If you integrate your payments, you can automate the process and avoid all the hassle and headache in the process.
4. Opt for a Personalized Service
Your time is extremely valuable as a small business owner. Therefore, we suggest that you look for a personal service that can handle the entire process. According to statistics, more than half of customers can’t get their problems resolved if they can’t discuss the matter with a real person.
Therefore, we recommend that you work with a processing service that provides personalized customer service. And this is paramount for small business owners.
In short, if you want to reduce your credit card processing fees, we suggest you try these four methods. If you look at the figures, you will find that these methods have helped small traders to reduce fees by 21 per cent.
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