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    How You Can Save Money on Processing Fees by Choosing Merchant Advocate

    Last updated 5 years ago

    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, then 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.

    Want to Learn More About Credit Card Processing Fees? Click Through the Resources Below to Learn More

    Last updated 5 years ago

    Pragmatic business decisions require planning and research. Investigate the costs of credit card processing before committing your company to a contract. Dial Merchant Advocate at (732) 727-2073 for additional inquiries or contact information.

    • Consumer finance resource NerdWallet.com advises consumers and business owners on the far reaching effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

    Swipe Free Reform | Merchant Advocate | Credit Card Processing NJ

    Last updated 5 years ago

    Unscrupulous fees and opaque business practices are the enemies of a successful economy. For years, invisible “swipe fee” policies have risen without limits. US Senator Dick Durbin explains the desperate need for swipe fee reform.

    Senator Durbin begins by describing the federal action that investigated swipe fees for debit cards and credit cards. The senator describes how swipe fees contribute to inflated consumer prices. Viewers learn bipartisan legislation helps put a stop to $1.3 billion dollars of monthly price gauging.

    Merchant Advocate is willing to fight for your company’s revenue. Our services help small businesses stand up to the empty charges imposed by major banks and lenders. Contact our associates for more information at (732) 727-2073.

    What Fees Are Included in a Credit Card Transaction? | Merchant Advocate

    Last updated 5 years ago

    Interest and convenience fees aren’t the only extra charges utilized by the lending industry. This article explores the role credit card transaction fees take in your monthly upkeep costs.

    • Transaction Fees:

    Transaction fees earn extra money for lenders each time a purchase is made with a credit or debit card. Such charges comprise an “inquiry fee” and a “credit card rate.” The inquiry fee is a flat charge tacked on to each and every swipe of a card. Many lenders institute inquiry fees as high as 21 cents per swipe. The variable costs of a “credit card rate” are controlled by a number of point-of-sale factors.

    • Types of Charges:

    Credit card rates are variables that define the total cost of transaction fees. A majority of credit card rates can be divided into two broad classifications. “Card Present” rates apply to businesses where payment is made through a physical credit card terminal. “Card Not Present” rates impact costs for mail orders, telephone purchases, and online charges. Rates are also determined by how quickly merchants communicate their transactions. Qualified transactions are processed within 24 hours and carry the lowest interest. “Mid-qual” transactions carry higher interest rates and require transaction processing within 48 hours. Non-qualified transactions take over 48 hours and carry heavy interest rates.

    • Fee Process Summary:

    The charges associated with a “swipe fee” helps to repay a lender for credit card processing. This process begins with a swipe from a consumer card. Purchase and card number data travels to the credit card processor’s database. Consumer information travels from the processor network to the lender. The consumer’s account information is verified and the information is relayed back across the network. This results in an “APPROVED” message and another satisfied customer.

    Merchant Advocate can help your business put a stop to extraneous fees. Reduce expenses on credit card transactions today with a call to (732) 727-2073.



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