Attention auto repair shop owners. This article is specifically for you, although other business owners may find some similarities.
Are You Paying Too Much to Process Credit Cards?
Electronic Money Company recently saved an auto glass shop $2,000 per month on their payment processing fees.
If you’re like most auto repair shop owners, when you first opened your doors, you were focused on getting customers, fixing cars, and keeping the lights on.
Payment processing was probably one of the last things on your mind.
That’s why many auto repair shops start with Square. It’s easy—you can sign up online, plug in a card reader, and start accepting payments immediately.
Others go to their bank and sign up for payment processing without realizing that many banks simply outsource the payment processing and add their own middleman markup.
For a brand-new business processing only a few thousand dollars a month, the convenience of signing up with a company like Square can make sense.
When Your Business Outgrows Your Payment Processor
Here’s what I see when visiting auto repair shops.
Many shops continue using Square long after they have outgrown it.
I regularly meet repair shop owners processing $30,000, $50,000, $75,000, or even $100,000 per month in credit card volume, and they have no idea how much they’re paying in processing fees.
They’ve been so busy growing their business that they never stopped to compare credit card rates or review their merchant statement.
The reality is that processors like Square, PayPal, and Stripe can become very expensive as your business grows. If your business has a high processing volume and you’re still using a high-rate processor, you could be paying much more than necessary.
Why Auto Repair Shops Often Pay More Than They Should
Auto repair businesses typically have higher ticket amounts than many retail businesses.
A customer buying a cup of coffee might spend $5.
A customer getting brakes replaced, transmission work completed, or a major engine repair could easily spend $500, $1,500, or even several thousand dollars.
When you’re paying a higher percentage processing rate on larger transactions, those fees add up very quickly.
At lower processing volumes, the difference may not seem significant. But at $50,000 or $100,000 per month in processing volume, that difference can translate into thousands of dollars each year that could be staying in your business instead.
Instead, that money could be used for equipment, marketing, employee salaries, benefits, or simply improving your bottom line.
The Problem Most Shop Owners Have
The problem is that most shop owners never look at their merchant statement.
I can’t tell you how many times I’ve heard:
“I have no idea what I’m paying. I never really looked at my statement. I just know the money hits my bank account.”
Most business owners didn’t get into the auto repair business because they wanted to become payment processing experts.
That’s where we come in.
How Electronic Money Company Can Help
At Electronic Money Company, we help business owners understand exactly what they’re paying and whether those fees make sense for their business.
Here’s the bottom line.
If your auto repair shop is processing $30,000, $50,000, $75,000, or $100,000 per month, and you’ve never had your merchant statement reviewed, it’s worth taking a look.
We recently saved an auto glass shop $2,000 per month.
What made sense when you first opened your doors may not be the best solution now that your business has grown.
A five-minute conversation could potentially save you thousands of dollars each year.
Give Electronic Money Company a call at 505-296-2847, and we’ll provide an honest comparison.
We’ll explain everything in plain English and help you determine whether you’re paying more than you should.
That’s how we’ve done business for over 25 years, and it’s how we’ll continue doing business for the next 25 years.
We look forward to talking with you, teaching you how to read your merchant statement, and helping you save money.
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Other topics you might be interested in: Avoid Costly Mistakes: Download our free report, 5 Mistakes to Avoid When Choosing a Credit Card Processor
