The costs for small business credit card processing can add up pretty quickly if you’re not careful, but there are some things you can do to try and lower those costs.
Review Your Contract
Most payment processing companies will require you to have some kind of contract filled out in order to process your new account. Usually, these contracts hold you to a period of about two years and contain language that defines your fee structure. Pay close attention to any discounts, to be sure you can meet the requirements to utilize them, and make sure your account is setup properly to take advantage of the fee structure.
If you have the option to utilize phone support during setup, do so.
Reduce Fraud Risk
Payment gateway services process transactions at a set rate, but fraudulent transactions can cost money when they are reversed. Get too many of these transactions and it may even trigger removal of your merchant account. If you become a high risk, reducing your fraud risk will eventually help to correct that status and get lower fees on transactions as well.
The best way to stop fraud? Swipe as many of your customer’s cards as possible!
If your first option is to go to a bank, then definitely shop around. Banks usually contract this processing to another company, so you’re paying extra fees to cover those costs and using a branded terminal. Why pay those extra fees if you can just go to the source yourself? Shopping around will ensure you find a contract with a good fee structure, and discounts you can actually use.
For more than 20 years, Charge.com Payment Solutions, Inc. has been the easiest and most affordable solution for accepting credit cards online.