It’s critical that you select a payment provider that offers the most cost-effective rates possible. Doing that, however, is easier said than done. To help, we’ve put together some pointers to ensure you get the cheapest credit card processing rates for your business. Keep these seven tips in mind when you’re shopping around for a payment processor.
You should be aware of common payment terms and processes. To ensure you make an informed decision when choosing a payment provider, you should be aware of the players involved in processing payments. What goes on behind the scenes when someone swipes their card? You should also know your business and your numbers. The “best” rate for your business will depend on your transaction volume, transaction size, and types of cards processed, so it’s important you know where you’re coming from in order to gauge which one is the best deal.
Another key tip is to shop on lowest markups, not just cheapest credit card processing rates. A membership-based payment processor such as Payment Depot gives merchants access to the interchanges rates without an added markup. Instead, Payment Depot charges a monthly fee to give merchants access to wholesale rates. So for example, if the interchange rate is 1.50%, then you’ll be paying just that amount, plus a flat monthly rate.
Knowing the right pricing structure for your business is also important, as well as lowering your risk for fraud. You can also see if you qualify for Level 2 or Level 3 data processing. If you’re a B2B or B2G type of business that processes a large volume of transactions, you may be able to save up to 1% in interchange fees through level 2 and level 3 data processing. Lastly, avoid negotiating with your existing provider.
If you need help figuring out if a quote really is a better choice, get in touch with the Payment Depot Team. We can analyze your statement or proposal for free, and determine if you can save even more.
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