How Can I Reduce My Credit Card Processing Fees?
1. You can reduce your rates by swiping a card versus keying it into a terminal or virtual terminal or online at an eCommerce site. When the card is swiped and present, the chances of a chargeback are lower. Therefore, the
bank issuing card associations assign a lower rate to that swiped card than to a non-swiped card. For example, adding mobile payments capability to service delivery drivers can yield a significant difference in credit card
processing fees.
2. You can reduce the rates on corporate, business, and purchasing cards. Electronic Money Company has advanced technology that automatically passes along extra information during the card approval process to reduce the risk and, therefore, the card’s rate. For example, if more information about the transaction, like sales tax and shipping address, is passed along, then the risk and the rate go down. Contact us to learn more.
3. You can add a cash discount program. This amounts to adding a custom fee to each transaction for using a credit card instead of cash. Electronic Money Company can set you up with our Zero Cost merchant services
program. We now have many merchants switching to this service. They post a sign behind the cash register announcing that all store prices are cash prices and any other tender (i.e., plastic) has a 4% custom fee added.
Our clients using this program have been pleasantly surprised to get little
push back from their customers. This, of course, yields huge business savings! Contact us if you want to consider Zero Cost.