Reduce your credit card processing fees by 75%!
I’m Gingergaye with Electronic Money Company merchant services. Surcharging is fast becoming the preferred program most chosen by merchants! Even more significantly, it is fast becoming the expected behavior that customers are used to when paying for products and services.
Why? Because surcharging is the best program to reduce your rates and fees on payment processing.
Here is how it works:
- 3% is added to a customer’s purchase at the point of sale when the customer presents a credit card. Nothing is added to the customer’s purchase when they present a debit card because Visa and MasterCard brands do not allow it. Federal regulations prohibit adding a surcharge to a debit card.
- What is your mix of credit and debit cards accepted at your place of business? It may depend on the size of your average ticket. For example, businesses such as fast food restaurants, car washes, or liquor stores generally have small tickets of $25 and under, so people use their debit cards for purchases 75% of the time. In this scenario, 25% of your payment processing fees disappear will disappear when you adopt the surcharging program!
- Businesses with higher ticket amounts than $25 predominantly see payments from credit cards 75% of the time or higher. These businesses can see a 75% elimination of the payment processing fees!
- How valuable is that? Especially when customers are accustomed to this program. During Covid, customers started accepting this extra 3% fee at checkout because they knew small businesses were struggling and wanted to do their part to support small businesses and the economy. Then we had inflation, and customers became accustomed to things costing more. It is sort of like tipping. The practice has quickly become the norm.
So, if you are not surcharging, you are leaving money on the table. Take back up to 75% of the money that Visa and MasterCard have been taking from you for so many years! Pick up that money right now by adding surcharging to your credit card payment processing. Do it now before you get busy and forget about it! It will take 5 seconds to give yourself a quick raise that you deserve! For further details, contact us at 505-296-2847 and discover how Surcharging your Credit Card Payment Processing at the Point of Sale can elevate your business.
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