Customers have come to expect the ease and flexibility of paying with a credit card, and accepting them can help increase sales. But when it comes to credit card processing, if you don’t look for the best fit (and the best deal) for your business, you could be losing money on fees.
If you’re shopping around for a merchant processor, it’s
important to ask the right questions. Charles Colbert Managing Director at iSmallBiz, shared the
following list to help you evaluate merchant processors:
Do you use tiered pricing/what are your qualified rates?
Tiered pricing models are often expensive and nontransparent, while interchange
plus pricing and flat rate pricing can potentially offer lower costs.
References to “qualified” and “non-qualified” rates indicate tiered pricing.
What are your fees beyond the rates? You want to find out
up-front if there’s a monthly fee, annual fee, PCI compliance fee, statement
fee, set-up fee, maintenance fee, etc.
Is there a cancellation fee? If so, see if you can get it
waived. There’s no reason to agree to a cancellation fee. Do you refund interchange to me if I give a customer a
refund? One smaller way businesses lose money is when they give a customer a
refund, and don’t get a portion of their processing fee back from the original
transaction.
To learn more about finding the best merchant processing
solution for your business, read more "accepting-credit-cards-how-can-help-your-small-business" posted on LinkedIn Published on
Leveraging his experience &
education, Charles currently partners with growth stage companies who are in
need of creative financing solutions to help them grow. In his efforts to help
the small business community, Charles has also created video courses, webinars
and articles to help educate entrepreneurs & CEO’s, and guide them to
success. He can be reached by telephone at 973-991-4408 by email:
charles@ismallbusinesscredit.com.
Website: www.ismallbusinesscredit.com
LinkedIn: www.linkedin.com/in/ismallbiz
Facebook
Fan Page: www.facebook.com/pages/Ismallbusinesscredit
Twitter: @ChazzScot
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