How to Collect Customer Payments? And How to Avoid Extra Credit Card Processing Fees?
1.Negotiate with credit card processors.
Most ideal approach to negotiate with payment processors is to look at them as a merchant that adds value, and in this manner the seller wants your business.
You can take advantage of the volume of your transactions to communicate with credit card processors. This is because the more you sell, the more you transact, and higher the cost to the processor.
2.Reduce risk of credit card fraud
The more security you risk as a merchant, the higher your credit card processing fee will be. You have two basic methods to reduce risk of credit card fraud: switching credit cards and entering safety information
3.Use an address verification service
One step other to reduce credit card fraud, utilize Address Verification Service, which verifies cardholder’s billing address with card issuer. This anti-fraud tool has a huge advantage in the world of e-commerce, including limiting charge backs.
4.Properly set up your account and terminal
In some cases, a simple mistake can prompt higher credit card processing fees. Fennels Kim, founder and CEO of Reliance Star Payment Services, said that you should avoid this by setting up your account correctly from the beginning. If you set up your account incorrectly, providing you with incorrect business information can lead to higher processing fees.
5.Consult with a credit card processing expert
Most small business owners don’t know about credit card processing. Addition a superior understanding and support by consulting a credit card processing expert. Not exclusively can these experts dispel myths of credit card processing, however their knowledge and relationship with processors can also assist you achieve lower rates for your business.
How to Avoid Extra Credit Card Processing Fees?
In order to increase conversions and sales, it is important to make payments as easy as possible for your customers. This is the reason your checkout page is important. This is the last stop for individuals shopping on your site. This is where they provide their credit card information and ultimately contribute to their hard-earned money.
1.Stay PCI Compliant
PCI represents the Payment Card Industry. This implies that PCI compliance security principles are set by credit card companies themselves – not your individual payment providers. All merchants who handle cardholder data must comply with PCI. This implies that if you store card payment information, user data is being safely stored.
2.Find Best Merchant Services Provider for Your Business
Picking a credit card processor is a big business decision. At point when you compare merchant services, it’s more than calculating fees for each swipe card. A few processors utilize tire estimating, while others include percent markup. In case you are searching for most minimal card exchange rates, consider the purchase-based pricing model. This secures in discount cost of exchange and avoids additional contract fees.
3.Avoid Cancellation Fees
Contract cancellation or early termination fees can be costly, especially for business owners. When you’re locked into a year-long contract with a processor and want to switch, you could face a steep fee. At Fat merchant, our monthly subscription means you don’t have to worry about being locked into a contract for a year to avoid paying a fee. You pay a flat, monthly rate and can process as much as you want!
4.Reduce Your Risk
Did you realize that there are methods you can reduce your credit card processing fees based on your conduct? There are two fundamental methods to do this – to do business on as many cards as expected and together additional security information from your clients.