5 Ways to Get the Most Affordable Credit Card Processing
💳 Credit card processing fees can seem extremely overwhelming, but they don’t have to be. Here are 5 ways to get the most affordable credit card processing for your small business.
1. Use a merchant services provider instead of a bank
Banks typically contract out to a third party, and can even charge you additional fees to process transactions. With a merchant services provider, your business can process payments online without having to redirect customers to a third-party website. A merchant services provider will help your business increase cash flow and manage its finances more efficiently.
2. Choose a PCI compliant payment gateway
A PCI compliant payment gateway ensures that credit card information is being protected throughout each stage of the transaction process. It should utilize tokenization and encryption technologies, and meet all PCI specifications set by the Payment Card Industry. A payment gateway that is not PCI compliant can result in severe data breaches and cause thousands of dollars in credit card fraud for your business.
3. Integrate your Payments
Instead of processing transactions outside of your accounting software and manually marking your invoices as paid, you should consider a provider that offers a way to process transactions within your ERP or accounting software. This eliminates double data entry and potential for human error. Integrating your payments can automate the process and provide you with more time to focus on current customers and bringing in new clients.
4. Select a flat rate pricing option; Avoid tiered pricing
Stay away from tiered pricing. With tiered pricing, processors offer a “qualified rate” which is very low, but can hide their margin behind a much higher “non-qualified” rate. Instead, choose flat rate pricing. Flat rate pricing guarantees the same low monthly rate for any type of credit card, and makes it easy to see exactly how much you’ll pay in processing fees each month.
5. Watch out for hidden fees and mandatory contracts
Hidden fees can quickly add up and create a debt of unnecessary charges. A payment processor should be transparent with nothing to hide. Some important features to look for include $0 setup fees, $0 upgrade fees, $0 maintenance fees, FREE in-house customer support, no contracts, and an experienced chargeback management team.
With these simple steps, you’ll be on your way to getting the most affordable credit card processing for your small business.
0:00 Introduction
0:20 USE A MERCHANT SERVICES PROVIDER INSTEAD OF A BANK
0:46 CHOOSE A PCI COMPLIANT PAYMENT GATEWAY
1:15 INTEGRATE YOUR PAYMENTS
1:43 SELECT A FLAT RATE PRICING OPTION: AVOID TIERED PRICING
2:10 WATCH OUT FOR HIDDEN FEES AND MANDATORY CONTRACTS
Other helpful blogs:
➡️ 6 Ways Small Businesses Can Get the Cheapest Credit Card Processing
https://ebizcharge.com/blog/6-ways-sm...
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