Fall is here and businesses need to start looking for ways to save money. The easiest way is review your merchant processing statement, in other words how your business accepts credit cards. Reviewing your statement every year allows you to see what your cost is to accept card payments for goods and services.
While the rates may be low, you need to check for other monthly fees such as Quarterly dues, Annual fees, PCI Compliance fees, Security Fees, etc. Most of these fees are just ways for your processor to make more revenue off your account and do not really enhance your processing ability.
Also, check out your equipment. Is your equipment compliant? In other words if you are a retail business, does your machine accept chip cards. Does it allow separating the tax on the receipt? If not, then you are not only at risk for fraud, but are probably paying more in fees as well.
This goes for businesses that are not face to face businesses. Are you using the correct virtual terminal? Does it have the ability to separate taxes, have level III processing capability? If not, you need to look for an upgrade to not be charged more on your transactions.
These are some basic things to look at when reviewing your credit card processing expenses.
If you have any questions, please call Accept Credit Cards at 800.476.5020 opt. 1
We at Accept Credit Cards will help any merchant receive the best rates for their business and provide the customer service any business deserves.