As a small business owner, there are plenty of ways to figure out how to save money in business expenses. One of the best ways is to take a closer look on what you are paying now on your credit card processing. The fees are often overlooked since many small business owners don’t even want to think about credit card processing after typically receiving 10 calls a week by sales agents promising to save them money and who don’t live up to the hype.
Here are the TOP 10 things you need to get when you focus on getting your best rate possible when it comes to your company taking credit cards as payment:
- Demand Full Transparency from Your Credit Card Processor – Gain from your representative a full rendition of what you would be charged on your monthly basis. And go over it again once you receive your monthly statement to decipher each line item. You don’t have to live for questionable fees and Fig Pay doesn’t want you to have them either.
- Don’t Settle for Long-Term Contracts, Agreements, and Termination Fees – A service needs to work for a company, and if it isn’t right, there should be methods that shouldn’t be costly or overly onerous to reverse. Most contracts in the industry are long term in their scope and heavy on their fees for termination. We at Fig Pay wants you to be satisfied with the service and products you receive from us. We don’t have to use long contracts and high fees for cancellation to have you remain with us.
- “Tiered Rate” Plans Will Cost Your Small Business Big Money – As you know, a happy customer is a customer that remains loyal to your brand. We want you to understand fully what you can get, and often the tiered rate option can be your best option. Make sure you are straight which types of transactions fall into which tier. Brainstorm with your Fig Pay Rep to know your tiered plan thoroughly.
- Eliminate Your Bank as Your Credit Card Processor – It is best to have those who are professionals in the service or products rather than an add-on service of many other financial services. Only a few banks actually are equipped to process credit card payments, most are only reselling processing services from other processing companies. There is no need for a ‘middle man’ when it comes to credit card processing.
- Find Out All About “Free” Credit Card Processing Equipment – Make sure what you receive as “Free” is truly free. Check to see if anything has been marked up or has a higher per transaction fee to cover costs. Fig Pay doesn’t play those games, and ask your representative for the specifics when it comes to your equipment.
- A Little Employee Training Can Go a Long Way – Don’t take for granted that your employees know how to properly accept credit card payment from a customer. There are some very basic things each need to know and you can train them simply by identifying what they need to know. Keying a credit card, swiping or utilizing the EMV as well as using the POS system knowing what to do with each circumstance.
- Stop Batching After Each Transaction – At the end of each day, a small business will run a process with its credit card processing equipment or software known as batching or settlement. This simply adds up all the transactions for the day and transmits the customer credit card numbers, transaction amounts, and other pertinent data to the processor to close out the transactions for the day for payment to the small business. Limit the number of times you do this per day because you are charged for each batch you close out. Do it as much as you need to but keep in mind, each one has a cost.
- Avoid Leasing Credit Card Processing Equipment – Other credit card processors love the high mark-ups and with leasing equipment profits can be high as well. Although there is a cost to using the service and products, there is a point where you don’t need to go. We at Fig Pay look to get you the system that works best for you and bring all your questions forward to be answered by those who have the answers.
- Minimize Unnecessary Online “Gateway” Fees – This is an option that, depending on what makes up your business that facilitates the online gateway or the need for a physical terminal at your location. Be aware others will ding you twice for each one even if you have only the one over the other. Check with Fig Pay to make sure, your system meets your needs and what you receive you know you are receiving!
- Start Reviewing Your Merchant Account Statement Monthly – If a small business has been with a credit processor for more than one year it’s prime for ‘revisions’ in their system and fees. With who you are with now, take out the statements you received in the beginning stages and the ones you received recently. Compare apples to apples and you will likely see a gentle ramping up of what you have been paying in fees. Some of the fee increases are legitimate for volume or added capabilities but be keen in watching what’s being assessed. When you com on with Fig Pay, we keep it all out in the open and you can always connect once again with our representatives and our support staff in getting your ongoing questions answered.
Final Touches
Even if you have just recently signed on with another provider, it is well worth your time to talk with Fig Pay to see if your deal is a deal or if you can get a better one with us. When small business owners spend a little extra time learning more about credit card processing you find the power in your business to cut the unnecessary fat and get the saving you want to gain.
