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7 Ways to save money on Merchant Services

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7 Ways to save money on Merchant Services

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Many people are paying too much money to their merchant services provider. Read valuable insight on how you and your business can save money on merchant services and credit card processing.

Many people are paying too much money to their merchant services provider. Read valuable insight on how you and your business can save money on merchant services and credit card processing.

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7 Ways to save money on Merchant Services

  1. 1. 7 WAYSto save money on Merchant Services
  2. 2. #1 Understand that Merchant Accounts and Gateways are different
  3. 3. Merchant Account type of bank account that allows a business to accept payments by debit or credit cards. Payment Gateway an application service provider that authorizes transactions and processes payments.
  4. 4. There are companies that sell merchant accounts and there are companies that sell gateways only.
  5. 5. Save yourself the time, hassle, and money by doing business with a company that can do both.
  6. 6. #2 Make sure you’re PCI compliant
  7. 7. Did you know there is a FINE for NOT being PCI compliant?
  8. 8. Many merchant services companies don’t care if you’re PCI compliant because they can end up making more money anyways.
  9. 9. If your merchant services company is NOT trying to get you PCI certified, just say…
  10. 10. #3 Use a merchant services specialist, not a bank
  11. 11. 1. Banks don’t really provide their own merchant services, they often contract out to a third party. 2. They sometimes charge you for the additional money to hand your business to someone else.
  12. 12. Avoid the middle-man and choose a company that can provide the specialized merchant services you need.
  13. 13. #4 Require personalized service
  14. 14. This is a business partner who is handling your money. If their idea of customer service is an outsourced phone number or email address then STOP and say no thank you!
  15. 15. #5 Choose the right solution for your needs
  16. 16. Find a provider that can do it all.
  17. 17. This not only simplifies things drastically… …it also cuts out the ability for different companies to start pointing fingers at one another.
  18. 18. #6 Choose fixed rates not tiered pricing
  19. 19. Before you sign anything, make sure your provider is offering fixed flat rates.
  20. 20. Tiered pricing is a red flag! This includes rounding which you will want to stay away from considering most companies will round in their favor not yours.
  21. 21. #7 Watch for small additional fees
  22. 22. Ask about • Application fees/ Sign up fees • Monthly minimums • Minimum transaction size • Monthly maintenance fees
  23. 23. For more about merchant accounts, click HERE

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