In today’s world of business, cashless transactions are a prevailing trend. But to accommodate them, you have to endure a whole plethora of fees: the processing fees for your merchant account, brands, and service providers. One way to take at least a part of the burden off your shoulders is to introduce a credit card convenience fee to your customers.
Even with the ever-growing market of credit card payment processing companies, fees associated with the usage of plastic are still a significant burden on many merchants. The solution for their woes may appear in the form of a cash discount program.
It is an easy and cost-effective way to reduce the processing expenses at the end of each month and leave you with more money and happier customers. However, you should also be able to tell the difference between a cash discount and a surcharge, which is prohibited in certain US states.
If you want to stay relevant on the market today, no matter what types of services or products you offer, you would have to introduce cashless payment options to your business. However, you should be familiar with the average credit card processing fees to be able to optimize your monthly expenses and set your business on a path to success.
The number of businesses that accept credit cards as a payment method is continuously growing. With that trend, there is also a surge in security risks associated with handling those transactions. PCI compliance is all about keeping every single payment at the highest security level and providing a safe environment for consumers and merchants alike.
Credit card factoring is a business practice in which a merchant account is used for transactions not related to the purpose for which it was set up and approved. If you are allowing another company to process their transactions via your account, you’re engaged in factoring. In most cases, it is an illegal activity that can put your business in peril and give you a lot more trouble than it’s worth.
Whether you are just starting or you already have a few years of work experience behind you, it is not easy to find the best credit card processing for a small business. Are you lost among the vast number of online reviews and recommendations that are confusing and do not seem genuine? You do not know how to find the right merchant service that will benefit both you and your clients? Do not worry – we are here to help.
Square payment system emerged in early 2009 as a new way to integrate mobile payments with merchant services, with its own fee structure. Square payment fees were the same for all merchants, no matter the transaction volume or the size of the company that uses their services.
A merchant processing company will help you grow your business and keep it safe. When looking for a third-party service provider to handle your transactions, think about all the qualities it should have.
It never hurts to know how much you can save.
