Getting the best credit card processing for small businesses with low fees can be a major expense savings. But, there are a number of things to do in order to save that money. Here are a few tips:
Compare the swiped rate pricing from different processors. There is a wide range of pricing models and fees associated with credit card processing, so it’s important to compare the offerings of different processors before you choose one. Most of the latest and most advertised credit card processing companies have rates that hover around 2.9% per transaction or higher.
I’m sure you have heard of Square and Clover. That is where their prices average. However, unlike those companies, there are other well established processing companies that we promote, which have rates lower and closer to 1.69% per transaction. Plus, we can get you free and modern equipment too. Feel free to ask for details.
How You Accept Credit Cards In A Small Business Is Important
Consider your payment needs. When comparing processors, think about the types of payments you need to accept, such as in-person payments, online payments, and mobile payments. Some processors charge higher fees for certain types of payments.
Expect to pay fees. Be sure to read the fine print carefully before you sign a contract with a credit card processor. All processing companies charge fees for things like PCI compliance and statement processing, network fees, passthrough fees, connection fees. However, they usually bundle them up together in order to not scare business owners.
Negotiate your rates if possible. If you get an offer of 2.9% per swipe, ask for a better rate. If you process a large volume of transactions, you may be able to negotiate lower rates with your credit card processor. However, very often your rate is based on the specific types of cards that are brought into your business by the customer. If most of your customers are presenting cash back cards or rewards cards, those cards will always incur higher fees. Because of the card type.
Here Are Other Tips For: Credit Card Processing for Small Businesses with Low Fees
Offer discounts for cash payments. You can encourage customers to pay with cash by offering a small discount. This will save you money on credit card processing fees. One way to offer this in the easiest manner is to use the service we offer called EDGE Cash Discount Program.
Customers get presented two prices, the cash price and the price with the credit processing fee added on. This allows you to pass on the processing fee and then earn 100% of your profit.
Here is another; Use a mobile payment processor or wireless credit card machine instead of keying in sales. Mobile payment processing has lower fees than keying in credit card transactions.
By following these tips, small businesses can save money on credit card processing fees and keep more of their hard-earned profits.
Benefits Credit Card Processing for Small Business With Low Fees
Accepting payments through credit cards can have a significant impact on the growth of a small business. With the help of a credit card processor, businesses can easily manage their transactions and offer convenient payment options to their customers. Moreover, credit card processing can also help businesses minimize the risk of fraudulent activities and chargebacks.
By accepting credit cards, small businesses can increase their sales and attract a larger customer base. Most customers prefer paying through credit cards, and businesses that offer this payment option tend to have higher customer satisfaction rates. The credit card processor also provides businesses with real-time transaction reports and tracking tools, which can help in better management of finances and inventory. In addition to this, credit card processors also offer advanced security features that can help businesses prevent and detect fraudulent activities, ensuring a secure payment environment.
How to Choose the Right Credit Card Processor for Your Small Business
As a small business owner, accepting credit cards is essential for making sales. But with so many different credit card processors to choose from, it can be difficult to know which one is right for your business.
Here are a few things to consider when trying to get credit card processing for small business with low fees.
Pricing: Again, credit card processors charge a variety of fees, including interchange fees, assessment fees, and markup fees. It’s important to compare the pricing of different processors to find one that offers competitive rates of the most frequent type of transaction, which is the swiped rate.
Payment options: Consider what types of payments you need to accept, such as in-person payments, online payments, and mobile payments. Some processors offer a wider range of payment options than others. However, a good merchant account agent will be able to help you with this very easily.
Security: It’s important to choose a credit card processor that offers robust security features to protect your customers’ data. Make sure the processor is PCI compliant and uses encryption and other security measures. Today, they are all required to, but it’s something to consider.
Customer support: If you have any problems with your credit card processor, you need to be able to get help quickly and easily. Choose a processor that offers 24/7 customer support.
Comparing Credit Card Processing Rates and Fees for Different Selling Situations
As a small business owner, it’s important to compare credit card processing rates and fees to get the best deal for your business. The rates and fees you pay will vary depending on the selling situation, such as face-to-face, over the phone, or online.
Face-to-face
For face-to-face transactions, you’ll typically pay the lowest rates and fees. This is because the credit card processor has less risk to take on, since the transaction is happening in person.
Over the phone
Over-the-phone transactions are slightly riskier for the credit card processor, so you’ll typically pay slightly higher rates and fees. However, the rates and fees are still relatively low.
Internet
Internet transactions are the riskiest for the credit card processor, since they can be more easily disputed. As a result, you’ll typically pay the highest rates and fees for internet transactions.
How to Process Credit Card Payments in Person
Accepting credit card payments in person is a convenient way to make sales and grow your business. However, it’s important to understand the process and follow best practices to protect your customers’ data and avoid fraud.
- Have the customer swipe or dip their credit card into the card readers.
- Enter the transaction amount and any other required information, such as a tip.
- Have the customer sign the receipt.
- Process the transaction.
If the transaction is approved, the customer will receive a receipt and their credit card will be charged. If the transaction is declined, you can try processing it again or ask the customer to pay with a different method.
Here are some additional tips for processing credit card payments in person:
Make sure your card reader is PCI compliant. This means that it meets the security standards set by the Payment Card Industry Security Standards Council.
- Keep your card reader and software up to date. This will help protect against security vulnerabilities. Never store credit card information on your computer or mobile device.
- Train your employees on how to process credit card payments securely.
- Processing credit card payments in person can be a convenient way to make sales and grow your business. However, it’s important to follow best practices to protect your customers’ data and avoid fraud.
How to Process Credit Card Payments Over the Phone
- Get the customer’s credit card information. This includes their name, credit card number, expiration date, and CVV code.
- Verify the customer’s identity. You can do this by asking them for their billing address and phone number.
- Enter the transaction amount and any other required information, such as a tip.
- Process the transaction. You can use a credit card processor that offers over-the-phone payment processing services.
If the transaction is approved, the customer will receive a confirmation number. If the transaction is declined, you can try processing it again or ask the customer to pay with a different method.
How To Process Credit Card Payments Online
Accepting credit card payments online is a must for any business that wants to sell its products or services to a global audience. Here are the basic steps:
Sign up for a merchant account specifically to handle internet transactions.
Set up a payment gateway. A payment gateway is a software program that connects your website to your merchant account. It processes credit card payments securely and sends the funds to your merchant account. We recommend Authorize.net. But it’s up to you.
Add a shopping cart system with a payment button to your website. Once you have a merchant account and a payment gateway set up, you can connect the shopping cart with the payment button to your website. This shopping cart will allow customers to enter their credit card information and complete their purchase.
Here are some additional tips for processing credit card payments online:
- Make sure your website is secure. Your website should use HTTPS encryption to protect your customers’ data.
- Use a PCI-compliant payment gateway. A PCI-compliant payment gateway meets the security standards set by the Payment Card Industry Security Standards Council.
- Store credit card information securely. If you need to store credit card information, be sure to use a secure encryption method.
- Monitor your transactions for fraud as much as possible. There are a number of tools and services available to help you monitor your transactions for fraud. However, your credit card processing company usually handles most of this as part of your service.
By following these tips, you can help ensure that your customers’ credit card information is safe and that you’re processing payments securely. All the steps you take here will help you to get low credit card processing fees for your business.
For any additional questions about credit card processing for small business with low fees or credit card machines, feel free to give me a call: 956-513-7711
