4 Ways to Lower Your Credit Card Processing Rate
When it comes to running a business, every penny counts. That is why it is essential to understand the fees associated with credit card processing. The fees can vary depending on the type of card used, your business transaction volume, and the processing company you choose. If you want to reduce your credit card processing fees, here are four tips to help you:
- Swipe or Dip- If your customer is in front of you, have them swipe or dip (insert into the machine) their card. Because there is no chance for error on entered information, processors typically charge a lower rate than for manual entry.
- Data, Data, Data- For card-not-present transactions, the more information you supply to your credit card processor, the lower your rate can be. Ensure you gather the CVV number, street address, and zip code for each card-not-present transaction.
- Auto Settlement- Have your terminal set up for auto-settlement. Your processing costs will increase when transactions are left unsettled in your terminal for more than 24 hours.
- Finding the best processing solution for your business. Credit card terminals are still the “standard” option for accepting cards, but they may not be the best option for your business. Every company has different needs, and you must ensure your solution fits your business’s demands.
Most consumers expect businesses to accept credit card payments. With research and careful planning, you can minimize your credit card processing fees and keep more of your hard-earned profit. Call us at (877) 773-6605 or email us at email@example.com for more information on how we can help you find the best option for your business.