Whether you are a small or large business owner, credit cards are sure to be a part of your daily transactions. While credit cards are a great way to boost your business, there are processing fees that you are responsible for paying. In general, the fees are reasonable and a part of doing business. Yet have you ever wondered if you are paying too much in processing fees? The following tips will help you keep your credit card processing fees down so you can focus your profits on your business.
Take the time to review your charges every year. If necessary, contact another provider and have them review your statements for any hidden charges. This is an easy way to catch your current provider slipping in hidden charges without you knowing about it. It is also an easy way to possibly contract with a new provider that will charge you less money.
Keep downgrades to a minimum. Downgrades happen when a transaction is processed under a higher rate than normal. Try to keep transactions happening at a point of sale device whenever possible. This way, you avoid any possible fraud use and get the lowest rate. You can also invest in mobile solutions, which are services that let you use your mobile phone as a point of sale.
Keep your point of sale devices programmed correctly. If needed, contact your merchant service provider to get the latest updates.
Ensure that you have the correct billing address. Since credit card companies verify the addresses, zip codes and the card verification code, it is important that you have the correct information.
Train your staff to fully understand their jobs and how to use the point of sale devices. With proper training, you will be less likely to have mistakes that could cause downgrades.
Taking these few precautions will help you keep your credit card processing fees low and your business booming.
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