Three Ways to Save Money on Payment Processing Fees
9 February, 2018
Saving money is a good thing for any business, and there are all sorts of ways your business can save. One of those is through a reduction in payment processing fees. These include the fees that are charged by credit card providers, the issuing bank, and the payment processor. Here are three ways you can consider to help you save more and reduce the fees you pay.
1. Choose the Fee Structure That Works for You
There are several different options for bundling fees for payment processing. By doing so, you can choose one that’s going to be the best for your business and can offer your company what it needs to save money and stay competitive. A flat fee structure often works best, but there are also tiered pricing systems and interchange structures to choose from. Contact Dynamic Merchant Solutions to learn more about processing fees and get the best possible rates for your business.
2. Negotiate to Get Lower Rates
If you do a lot of business with the payment processing company or you have something else to offer to them, consider negotiating with them to get a lower rate for your fees. The worst they can do is say no and a lot of times they will work with companies who ask them to. Even if your company is not big and does just a small amount of business, you can always ask for better rates.
3. Set a Minimum Amount for Credit Card Transactions
By requiring your customers to make at least a minimum purchase (often $5.00) when they use a credit card, you can help ensure that the transaction amount is worth the price of the payment processing fees. It is one of the simplest and easiest ways to help your business save money over time.