If you own a small business, then you know accepting credit cards can help increase your profits and bring in more customers. But how can you save money on processing fees? We’re here to help
First and foremost, you should shop around for your processor and make sure you are getting the lowest rate for your business. When you comparison shop, you will see that companies like North American Bancard offer some of the lowest rates in the industry along with a large variety of equipment that can be tailored to your business.
Once you are set up with your processor, you will want to make sure that you swipe all card transactions to ensure the lowest processing rate. Many processors charge businesses more for card-not-present transactions – when a card number is entered manually. Swiping cards reduces the chances of fraud and is more secure.
Finally, you will want to look into imposing a minimum dollar amount for credit card sales. Because processors take a percentage of each swipe, you will want to make sure that you are making the most of your credit card transactions. In an article on nerdwallet.com, Jim Angleton, CEO of AEGIS FinServ Corp., said, “This is fully legal and encourages a cash sale transaction, which is 100% net revenues to the merchant.”
For more tips, read the full article at www.nerdwallet.com.