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!
