5 Tips For Saving Money on Credit Card Processing

There never seems to be a shortage of merchantfee by getting them on-line.
services, or credit card processing, reps that are3. GET A RATE REVIEW: If you were fortunate
coming through your door promising to save you someenough to get in touch with your rep and get their
money. It's quite easy for the skilled (and shall we say,"spin" on all the charges on your statement, you still
less than ethical) credit card rep to manipulate thewant to check them out. Keep in mind that most reps
numbers and present, what appears to be, a "betterare paid monthly residuals based on all the profits
deal". So, what can you do to know for sure how togenerated from your account. If you're paying a
really save money on your fees?statement fee, annual fee, membership fee or any
There's a lot that goes into the pricing of a merchantother miscellaneous fees, they may tell you something
services agreement. Your rates typically depend onlike "everybody charges those"....don't buy it. They're
the kind of business you have, your average monthlyearning a couple bucks on them monthly and will likely
volume, average ticket and how you transact business.be reluctant to have them removed. So, call the
What I want to present to you here is 5 Tips that youcompanies Customer Care center and tell them you
can do right now, maybe without even consideringwant a full Rate Review. While you have them on the
changing processors, to save on your bottom line. So,phone, verify all that the rep told you and make sure
without further rambling, here's some ideas for you:you keep good notes for your conversation.
4. SHOP YOUR RATES: Look, there's no shortage of
1. GET EDUCATED: Now, I'm not insinuating that youcredit card processing reps out there. Heck, you're
aren't an educated person by any stretch of theprobably getting several stopping in or calling you
imagination. You wouldn't likely have tackled theweekly. Take one or two of them up on their offer to
monumental task of being in business for yourself ifgive you a quote, especially if you've been with the
you weren't intelligent. But, let's face it, there are sosame provider for some time. BUT, only do this after
many aspects of running a business, that you can'tyou have taken the time to more thoroughly educate
possibly be an expert in all areas. Credit cardyourself so you will be better able to determine a real
processing is one of those cost centers that areoffer and a less than realistic offer.
necessary if you want to appeal to the masses with5. CAPTURE MORE PINNED BASED DEBITS: This
your goods and services. In my years of experience incan add up to immediate savings for you, if you
the field, I've seen relatively few merchants that trulyalready have a pin pad. Most merchants, and their
understand how this industry works. So, simply, all I'memployees, when presented with plastic to pay for a
saying here is you need to dedicate some of yourpurchase, ask "credit or debit?". The majority of
time to find out more so you will become morecustomers, when given the choice, will simply chose
comfortable with what you are paying and why. Thecredit because it's less hassle to sign than it is to
websites for both Visa and MasterCard offer aremember and key in that massive four digit pin
wealth of knowledge that would be very helpful in yournumber that takes all but a nano second to do. But to
educational process. In addition, you could just head onyou, the merchant, the cost difference can add up
over to my website and see what you can pick upquickly. A $50 sale rung up as a credit card will
there. You'll find that it's NOT A SITE SOLICITINGtypically cost you, let's say $1.10. That same card, run
YOUR PROCESSING BUSINESS.The knowledge youas a swiped debit card would run about $.67 (that is is
gain from any of these sites will be time well spent.you're set up properly to capitalize on this structure).
2. ASK QUESTIONS: This is one of the simplest thingsAnd, last, but not least, that same transaction run as a
that you can do for yourself. Take a look at yourpinned debit card, could cost you in the neighborhood
statement, thoroughly. and then, get on the phone withof $.50 or so. If you have a pin pad, do this: look at the
your rep (that is if you're able to even find him/her) andcustomers card when they hand it to you. If it is a debit
have them explain every single charge. I've seencard, it will say "debit", "check card" or "money card"
merchants that are paying monthly for some sort ofon it. Once you are sure that it is a debit card, say to
supplies program that they never use. They've beenthe customer, "I'm going to need you to enter your pin
buying from the local office supplies store and havenumber here in a second", pause briefly (for any
needlessly been paying these fees. Many processorsobjections) and then process accordingly. Many of my
now charge a monthly fee for sending you a papermerchants have even gone to the extent of telling
statement when you could access them on-line fortheir customers, when and if they raise objections, of
free. I know you've got a computer because,the cost differences and then, the customers are
otherwise, you wouldn't be reading this article. If you'rehappy to oblige.
comfortable with downloading, or at least viewing themWell, that's it for now. I hope that these tips will be of
monthly, on the internet, opt out of the paper fee. Yousome help to you. As always, I thank you for taking
might also check your Discover and AMEXthe time to read and wish you great business success
statements too as they both charge for a paperin 2010 and beyond.
statement and with them too, you can eliminate that