Credit Card Processing Tips for Small Business Owners

Credit Card Processing Tips for Small Business Owners

Small business owners have so much on their plate and they do not want to worry about having to pay extra fees for credit card processing transactions. This is why many eCommerce companies take the easier route with PayPal or other similar companies that promise to make your life simpler. However, you need to make sure that the fees they are charging you are not more than if you were to just to get a credit card processing system of your own. Most business owners can save money; they just need to know what to look for.


  1.  Never allow cancellation fees – Read all the fine print when accepting a contract for credit card processing. Sometimes there may be hidden cancellation fees of $250 or more. Most sales people DO have the authority to get rid of this fee. Then you should be in the clear, and offering your customer the satisfaction of cancelling an order or getting a refund is always a plus. To confirm you will not have this problem, read over your contract carefully and have your salesperson cross it out in the contract and initial by the cancellation of this addendum.
  2.  Only interchange plus pricing – Most credit card processing fees go to Visa and MasterCard – these are called “interchange.” In this situation, all parties involved in the transaction manage the processing, clearing and settling with the credit card transactions, including the assessment, and collections of fees between parties. The best way to go is “interchange plus solutions.” This charges the merchant the actual cost of the cards payment. This is perfectly clear right on your statement and it will give you a more detailed, step-by-step card type and category in which your business can track.
  3. Shop Around – The best way to truly know if you are getting a good deal with your credit card processing service is to shop around. Look for at least five different options and learn the facts, pros & cons and then make your decision. When you have more to choose from you may even be able to negotiate with the company you are leaning more towards.


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