Credit card processing fees don’t have to cripple your business. Mitigate charges from processors by practicing practical financial strategies.
- Read Paperwork Diligently:
Money-saving opportunities begin with initial processor negotiations. Take your time when reviewing contracts and service descriptions. Ask your processor to outline fees in an easy-to-follow manner. Compare these fees to your quoted offer to ensure the deal remains unaltered. Re-read small print. Ask targeted questions to ensure your business gets the best possible deal. Don’t be afraid to negotiate. A processor is interested in securing new customers and may agree to changes in the agreement.
- Never Lease Equipment:
Ignore advice lauding the benefits of rented credit card equipment. Sufficient technology will cost most small businesses less than $400. A long-term lease on rented equipment is difficult to cancel without paying additional charges. If the equipment breaks, your company is liable for the full cost. Avoid paying twice or in triple for relatively inexpensive equipment.
- Compare and Save:
Weighing your options between credit card processors puts your business in the best bargaining position. Branching out allows your company to prioritize its processing needs above those of a processing service. Look for a contract without cancellation fees. This will permit your company to switch to a more convenient processor without consequences. Business should ideally compare more than four competing processors. This preliminary data will help companies determine the most cost-effective rate.
- Get Help:
A battle with your longtime credit card processor may not be fruitful. Issues with an extended contract may require the assistance of an intermediary. Professional processing consultants serve companies by helping them achieve credit card rate reductions. Consultants from Merchant Advocate will help you analyze costs, negotiate with processors for lower rates, and monitor savings from reduced rates.
Merchant Advocate strives to help companies lower their credit card expenses. Call us at (732) 727-2073 or log on to our website to learn more.