For many businesses, the ability to accept credit cards is a necessary—albeit costly—feature. Challenging the high rates charged by a merchant services institution is a complicated process, and many companies feel they lack the leverage or knowledge to do so. Here at Merchant Advocate, we can provide this service for you, using the following information to present an informed argument on your behalf:
Current Processing Rates
The monthly expense of credit card processing comprises a number of fees and charges—most notably, the discount rate, which is generally disclosed in your contract as a set percentage. This means that every transaction, regardless of its size, will cost you a certain portion of the total amount. Unfortunately, higher rates often apply for cards that are entered manually instead of being swiped. In addition, each credit card authorization you make will incur a flat transaction fee and an authorization fee, regardless of the size of the purchase. There are many other fees that a merchant services provider may charge, including a fee for customer support, compensation for transactions performed incorrectly, and the cost of communicating via internet or phone with the provider for each transaction.
Standard Market Rates
The amount that the merchant services provider charges depends largely on the interchange fees set by the various credit card associations. These vary according to the type of card, transaction method, and business category—and the complex variables at play are often not revealed to merchants, making it difficult to gauge whether a processing rate is a fair deal. Merchant Advocate is able to procure information on the standard rates and fees, and, taking your business’ specific circumstances into consideration, negotiate with your processing institution for an ideal discount rate and reduced fees.
Learn more about Merchant Advocate’s expense reduction services by calling us today at (732) 727-2073. We will provide a free evaluation of your current credit card processing costs so you can understand how much you stand to save.