Lower your operating expenses with PPS!

NOW is the perfect time to find ways to lower operating expenses for your business.  The best place to begin is by checking your credit/debit card processing fees, also known as Swipe Fees.  These fees can account for as much as 1/3 of the overall operating expenses for a business.  

Below are the TOP 7 ways to save on your processing fees, which will in turn, lower your business operating expenses, allowing you to reinvest the money back into your business or personal life!   

1. Connect with a Merchant Services Provider (like Precision Payment Systems)
Why spend your valuable time figuring out the nitty gritty of card processing when you can work with a trusted Merchant Services Provider (like Precision Payment Systems) who will assist you with everything from rates to POS equipment and negotiate your rates with the processors!

2. Offer a Cash Discount
The easiest way to avoid paying credit card processing fees is by passing them on to your customer by offering a Cash Discount.  Customers paying with a card will also pay the processing fee, while customers paying in cash will pay the regular price, minus the fee.

3. Swipe Whenever Possible
Face-to-face transactions are less risky for merchants and banks, therefore having lower processing fees.  Swiped sales using EMV (chip) are also harder to dispute, so merchants have more protection against chargebacks. 

4. Become PCI Compliant
The Payment Card Industry (PCI) Data Security Standard is a set of rules designed to protect sensitive credit card data.  Processors charge a monthly fee if a merchant's account is labeled as "PCI Non-Compliant".  Making your business PCI compliant not only saves you from paying the extra noncompliance fees, but it also reduces the risk of cyberthreats.

5. Check Your Statements
Many processors gradually increase their fees over time, especially at the end of the year.  Pricing changes are always indicated on your statements, so make sure you're checking the rates each month!

6. Capture More Customer Data 
For e-commerce and phone-based transactions, capture the cardholder's full billing address and CVV code to avoid paying more expensive interchange costs.  Simply put, the more information obtained at checkout, the smaller the interchange fee.

7. Offer ACH Payments
ACH payments are faster and more reliable than physical checks. Additionally, they do not have interchange fees like debit and credit cards, making them considerably less expensive for businesses to accept.

Precision Payment Systems is your LOCALLY trusted Merchant Services Provider!  We offer FREE consultations and will do a complete analysis of your  current processing fees and beat those rates - GUARANTEED!

Reach out today and see how we can help you SAVE MONEY and TIME!

Preventing Payment Fraud

Payment fraud is a real issue for small business owners. Did you know that in 2021 the estimated loss in revenue due to fraud was $5.9 billion? Even with new security measures in place, fraud is still a serious issue for businesses that accept credit cards. Why? Because cyber criminals are always adapting. Your best defense?  A good offense.  Being proactive helps protect your business against criminal activity.

Payment fraud can happen in three ways:

• Fraudulent or unauthorized transactions

• Lost or stolen merchandise

• False requests for a refund, return or bounced checks

Luckily, there are steps you can take to help limit or prevent credit card fraud:

• First and foremost, trust your gut. Always. If it doesn’t feel, look, or sound right, it probably isn’t.

• Keep detailed records of payments and what services/merchandise was received by the customer to prevent chargebacks. When a customer requests a chargeback, it is the responsibility of the merchant to prove the customer got what they paid for. Card companies typically side with the customer, so to prevent loss, the business must provide receipts, contracts, etc.

• Require customers to input the CVC code for all online transactions. Also, make sure to get the full billing address and phone number. Be on the lookout for orders with different billing and shipping addresses, as they are generally more suspicious for fraud. Researching the shipping address and knowing what building/business is there can be valuable in preventing fraud.

• DO NOT SHIP any order until you speak to that customer at the phone number you collected. If information is omitted or customer refuses to give you a portion of address or a contact number, refuse the sale. It’s best to lose out on a sale, rather than lose out on lost merchandise.

• Be aware of suspicious activity in store and online by keeping track of inventory and being aware of customer activity in your store. If orders and store transactions that far exceed the average transaction amount for your business or if someone places an order for a large number of the same item, it could be fraudulent activity.

• ALWAYS ask the customer for ID before completing the transaction. If you do not have a personal relationship with the person standing in front of you and the one listed on the card, check the ID.

• NEVER leave customer card data lying around. If for some reason you have to write customer data/information down, keep it under lock and key with very limited employee access. Once the information is used, shred the paper.

Message or call us today to learn more about preventing credit card fraud at your business - 504.229.6394 or info@precisionpaymentsystems.com