Payment Processing Fees: 5 Tricks to Lower Your Processing Fees
Whether you are a startup, a consumer involved in a C2B business, a business, or a company, you would definitely be using and needing online transactions.
Online transactions are not only good for everyone; they are inevitable in this age and time. However, you may be sick of credit card companies cutting high rates of payment processing fees. Well, if that’s the case, this article will show you five tricks that will help you reduce your processing fees significantly.
This article is especially best for you if you are a startup or a small business. This article will help you save thousands of dollars per month.
- Learn How to Negotiate with Credit Card Processors
You might not know, but many credit card processing fees are negotiable, even though most aren’t. Show your credit card processor that you are a valuable asset for them, which is the best way to start a negotiation with them. Leveraging your transaction volume is also a great way of negotiation.
- Make Your Transactions Less Risky
If your business poses more risk to credit card processors, they will charge you more processing fees. So, in order to reduce your processing fees, you need to work on making your business free of credit card fraud.
You have to ensure the credit card processors that your business is not risky. Ask people to enter security information, and preferably use swiping credit cards.
- Use Address Verification Services
Using address verification services may seem optional, but it shouldn’t be. It reduces the risk of fraud very significantly. The more secure your business is, the fewer processing fees the credit card processors will charge you. Visa and Mastercard offer lower interchange rates to businesses that use address verification services.
- Set Up Your Account and Terminal Properly
Be careful when you set up your terminal and account because a simple mistake may cost you hundreds of thousands of dollars. If you put as much incorrect business information, you may end up incurring higher processing fees on yourself.
Use efficient and safe terminals, like nordex POS terminals, which will help you run your business safely and efficiently.
- Consult with A Credit Card Processing Company
It’s better and safer to consult payment processing companies that are experts in the field in order to minimize transaction risks. Hiring an expert company, such as Nordex Solutions will help you reduce your payment processing fees to up to 25%.
Whatever is the size, nature, type, or location of your business, you need to be very careful about digital transactions. Improper and careless digital transactions may cost you a lot.
Make sure you use efficient terminals and keep your transactions as safe and free of risk as possible in order to suffer less payment processing fees.