Some of the fees involved in small business credit card processing Credit card processing is a complex one and the techniques involved are more secure now than they were previously when such card processing left a paper slip containing the account number but these days the transaction is completed electronically reducing scope for security threats. Security is a major concern for customers where credit card processing is involved; no one would like the possibility of having their personal financial identities dealt with by an unauthorized party. There are very few terminals in small business credit card processing that allow data transmission with no encryption to make sure that the information is secure. Across the globe merchants are running businesses where almost all transactions are done with credit cards. This makes it imperative for the business establishment or the merchants to make sure that there are no hidden costs associated with credit card processing that is going to eat into their profits. Different credit card processing fees charged and tips on how one can reduce them Of course there is the processing fee and a transaction or a gateway fee charged for every transaction. Apart from these there is something known as interchange fees too and if one requires a hard copy mailed to them then an additional amount termed statement fee is also charged. And most of the processors also charge what is known as a terminal usage fee. Oops, thatâ€™s a lot of amount charged towards fees! The interchange fee is an amount charged between banks that handle the processing of a transaction and these fees are predetermined and are not negotiable by the merchant who accepts credit card payments. How does one avoid hidden charges A merchant looking for credit card processing has to shop around a bit to spot processors who do not have hidden costs. Make sure that your processor does not charge you monthly fees for using the terminals. And if they are going to charge statement fee for mailing you a hard copy donâ€™t you think taking a printout from the online portal is a cheaper option Most agreements allow for renewal of the agreement between the user and the credit card processor automatically and this is when they use the terms given in small print and enhance the fees shocking you. It is absolutely necessary to check the statement every month carefully otherwise this increase in fees may go unnoticed and there are a lot of merchants who are not even aware of the existence of such automatic renewals. Out of all the fees charged in best credit card processing for small business it is only the processing fee that is negotialble directly with the terminal provider. Till now there have
been no processing companies offering zero processing fees; but yes, there is one major company that has recently launched a zero percent processing fee for a life scheme and this is truly going to take the industry by storm! Do you realise that this can lead to savings of almost 25% to 50% of a businesses credit card processing fees? I am sure all merchants would begin to take notice of the processer and truly appreciate the savings possible from a zero processing rate. Whatever the size of a business may be they can surely take advantage of this saving scheme offered by credit card processing company and benefit out of it.
Published on Sep 3, 2013
Across the globe merchants are running businesses where almost all transactions are done with credit cards.