Many business owners pay more than necessary in order to take credit cards. You do not need to be one of them. Follow these simple steps to make sure you are keeping as much of the money you earn as possible.
1. Start by reviewing the types of services available. You no longer have to be locked into merchant services through your bank. There are services that let you process payments online or with your smart phone and many of them charge a simple rate with no additional fees. Here are some to consider:
http://squareup.com http://payments.intuit.com http://paypal.com2. If you choose to use a merchant services account, research different banks for the best deal available. Here are some questions to ask:
- What is the percentage rate that will be charged?
- Is this rate for all cards?
- Is there a per transaction fee?
- What are the batch fees?
- Are there any separate gateway fees?
- What are the PCI compliance fees?
- Can I provide information that will lower the PCI compliance fees?
- Are there any other benefits, such as free business checking?
- Are there any additional fees I have not asked about?
- Why should I choose your bank?
3. Contact your bank yearly for a review of your services. The customer service people are often able to give discounts and reduce fees and there may be changes in the services offered that will benefit you.
Whatever option you choose, it's all about getting the best service possible for your business without paying more than necessary.
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