You might think that credit card fees don’t seem to be a lot at first, but once you check your records over time, you’ll be surprised as to how it takes a big chunk out of your finances.
What makes credit card fees tricky is that they’ll come and bite you in the back. Those few cents here and there, small percentage cuts from processors, costs from minimum statements, gateway fees, and other monthly fees. All these factors will accumulate and become a reason for a big financial headache.
We’re here to help you avoid these unnecessary hurdles by giving you a few tips and tricks. We looked through the fine print stated by most credit card companies, and there are indeed ways in which you can save more money and avoid financial mishaps.
Here are a few ways you can solve most credit card processing fee issues:
- Negotiate with your credit card processors
You can always have a good hand in negotiating with your payment processors. Leverage your transaction volume by selling more so that there are more transactions you can perform. This will give more value to your processor, and you can negotiate to lower your rates with this agreement.
- Lower your risks of credit card fraud
You’ll get higher credit card fees if you pose a higher security risk as a merchant. One way to lower your risk for credit card fraud is by swiping as many cards as you can. This is because the rates set by most card brands are higher when the cards are keyed in based on fraud risk.
You can also lower your risk by providing specific security information that validates the purchase and protects the cardholder.
Getting through these steps promptly will save you more money on each sale.
- Go directly to the bank
You can also save on processing fees by signing up with a bank that does in-house processing. Big banks usually offer this, but local or smaller banks outsource it somewhere else. Foregoing smaller banks for your processing needs will save you money by avoiding middleman markups.
- Set Up Your Account and Terminal in Top Condition
You have to set up your account properly from the very start to avoid mistakes. Mistakes can lead to higher credit card processing fees. Incorrect business information could also lead to unnecessary fees being charged to you.
The way your terminal is set up also affects credit card processing fees. Make sure that you process transactions within 24 hours so that you can lower your number of transactions within a time period. This can give you a great leeway to lower your processing fees.
- Survive the madness by going to a credit card processing expert.
Here at Wealth Planning Strategies we help you get out of your financial hassles by getting you through the ins and outs of the tricky world that is credit card fees. Our consultants have been in the industry for years, and we know how you can avoid unnecessary leaks in your finances. We help you eliminate ALL credit card fees, and thus maximize your profitability in business.
Book an appointment now with a consultant!