There's no doubt that you have to accept as many types of payment as you can in order to keep your business moving towards the future you want it to have. But When you start accepting debit and credit card payments, you run into something that many business owners don't understand fully - credit card processing.
Every US based company will have to pay a credit card processing fee for every transaction. But it's important to note that you can lower these fees in a few different ways. Taking the time to do so could have a huge impact on your bottom line and help you make more from every sale. Here's a rundown of a few tips to help you lower your fees.
• Use Address Verification - An AVS system - Address Verification Service - is an effective tool for fighting fraud, and major credit card companies like Visa and Mastercard will often offer lower fees on every purchase if you use AVS in your POS system.
• Send Customer Service Info - Transactions are downgraded if they fail to meet certain qualifications. When downgraded, it leads to increased rates on all purchases. Something as simple as sending customer service info like your company's URL and email address on all card-not-present transactions like online purchases will help keep your transactions from being downgraded and keep your rates lower.
• Review Regularly - Always take a look at your statements. Check to make sure you're not being charged new fees you weren't aware of, and try to spot areas that may be costing you the most - you may be able to adjust your business model to offset those costs.
• Use The Right Providers - The right POS and credit card transaction provider will keep your rates lower and help you save money in a big way. While all transactions will have a fee set up by the credit card company, using a trustworthy provider will reduce your overall costs significantly.
These simple steps can help any small business reduce their credit card processing fees and start getting more of each sale going into your bottom line. It could be easier to lower your fees and start saving money - all you need to know is the basic steps that can lead to results.
Posted in credit card processing on Sep 27, 2018