How to Avoid Losing Money on Credit Card Transactions

As a business owner, do you cringe every time you process a credit card payment because you are worried about the fees that you will pay for the transaction? These fees are unavoidable, but it doesn’t mean that you need to cut into your profit margins to manage the high fees that are coming through.

Credit card processing is important for businesses of all sizes. So, the best thing that you can do is explore your options to minimize the fees as much as possible. Here are a few tips to help:

Minimize the Risk of Credit Card Fraud

If a merchant processing company thinks that you are a high risk, then you will need to pay expensive processing fees. So, you need to be proactive to reduce the risk of fraud so that you can show that you are a safe bet for the processing company.

Whenever possible, make sure that you have the card in hand to swipe for the transaction. Additionally, security information should be entered on every transaction.

Explore Options for Volume Discounts

How many transactions will be processed through your account? If you anticipate a high volume of transactions, then you might be able to negotiate a discounted rate. Don’t be shy to discuss your options with your payment processor to see if any discounts are available. It doesn’t hurt to ask, and you could be leaving money on the table if you don’t look for ways to leverage your transaction volume.

Choose a New Payment Processing Company

Switch to a small, boutique payment processing company that offers custom services for your needs. Sometimes, changing the service provider can save a little on each transaction. Explore your options by talking to different payment processors in the area.

Don’t overlook the benefits that can come from small savings on each transaction. These savings add up over time, helping you increase profit margins and maximize the results for your company.

If you need a new payment processing service, then we are here to assist. Our team is working hard to offer competitive pricing and unbeatable customer service. Call us today if you would like to learn more information about the options that are available.

By |2018-08-15T05:01:27+00:00August 10th, 2018|Credit Card Processing|