Today's businesses simply can't ignore how important card processing is. Without this simple service, you can't accept credit or debit card payments - and that means that more than half of your customers likely won't have a way to pay, which in turn means that they won't make a purchase. Plus, card processing allows for online sales, sales over the phone, and more. Simply put, your business needs a card processing service in order to succeed.
But that comes along with something else - card processing fees. Essentially, every transaction that is made using a card will come with a fee. While they're usually not very large, they can add up. As such, keeping your credit card processing fees as low as possible is important. Here are a few tips that can help make it much easier to reduce your card processing fees while still accepting all forms of payment.
• Choose The Right Provider - Simply put, without the right card processing service on your side, you'll be facing an uphill battle to keep charges low. The right POS service will keep rates low, have fewer fees or penalties, and work with you to make sure that you have the best experience possible. Don't be afraid to shop around and make sure you're using a service that offers you the most for the money.
• Send Customer Service Info - When transactions are downgraded, it means that they fail to meet various guidelines and will drive up your rates. Just sending customer service information like an email address on any transactions that use credit cards that aren't physically present - over the phone or online purchases, for instance - can keep rates lower.
• Address Verification - Make sure that you use an AVS system at all times. This tool can reduce fraud, is easy to add to your POS system, and will lower fees from major credit card companies.
• Keep An Eye On Things - Always review your statements periodically. You may be being charged fees or penalties that you weren't even aware of, and regularly reviewing your statements can also help you see where the majority of your money is being spent, which in turn lets you adjust your strategy to get better results.
It's easier than you might realize to keep your card processing fees lower and save your business money. It's hard to succeed without accepting cards, but making sure to keep your costs low means that you get the best experience - and the best future for your business - possible.
Posted in credit card processing on Oct 18, 2018