7 Ways to Save Money on Merchant Account Fees [Slideshare]

Merchant account fees can seem overwhelming, but they don't have to be.

With these 7 tips, your business can begin saving money on merchant account fees today.

 

 

 1. Understand That Merchant Accounts and Gateways Are Different

Merchant account – an online 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.

Some companies sell merchant accounts only or gateways only.

Save yourself time, hassle and money.

Do business with a company that does both (merchant account and payment gateway).

 

2. Make Sure You Are PCI Compliant

If your business accepts credit cards as a form of payment, you must be PCI compliant. PCI compliance is a set of security standards that protects credit card information.

How do I become PCI compliant?

  1. Complete SAQ self-assessment questionnaire
  2. Pass PCI Security scan
  3. Ensure credit card data security!

Did you know? There is a fine imposed for not being PCI compliant. Can your business afford to pay up to $100,000 per month in fees?

If you’re merchant service provider has NOT tried to get you PCI certified, just say no.

 

3. Use a Merchant Services Specialist, Not a Bank

Banks don’t always provide their own merchant services. They often contract out to a third party.

Banks sometimes charge you for the additional money to hand your business to someone else.

Avoid the middle-man. Choose a company that can provide the specialized merchant services you need.

Payment processing, payment solutions, pci compliance, in-house support, chargeback management.

 

4. Require Personalized Service

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!

 

5. Choose the Right Solution for Your Needs

Find a provider that can do it all.

24/7 in-house customer support, reliable relationship manager, no contracts, chargeback management, integrated payment solutions, secure payment gateway.

Choosing the right solution simplifies business drastically; it also cuts out the ability for different companies to start pointing fingers at one another.

 

6. Choose Fixed Rates, Not Tiered Pricing

Before you sign anything, make sure your provider is offering flat rate pricing. This ensures you will not pay any hidden fees.

Tiered pricing is a red flag. With tiered pricing, processors can choose which rates to charge you. Typically, they will choose the highest rates possible.

Stay away from rounding. Most companies will round in their favor not yours.

Say yes to interchange plus pricing. Interchange plus pricing offers fixed rates. You’ll know exactly what you’re paying. No Hidden Fees!

 

7. Watch for Small Additional Merchant Account Fees

Ask about these merchant services: application/sign up fees, long term contracts, installation/upgrade/support fees,  monthly minimums, minimum transaction size, monthly maintenance fees.




Get the latest in payment information right to your inbox!


Name






POPULAR ARTICLES



SEARCH BY CATEGORY



EBizCharge

EBizCharge software currently provides over 10,000 merchants a safer and more cost effective way to accept payments. We are proud to be one of the very few solutions providers to offer our clients complete service including consultation, savings analysis, install, and 24/7 in-house support.

 

Stay Connected

(888) 500-7798 -Office

(888) 500-7798 x1 -Support

20 Pacifica

Suite 1450

Irvine, CA 92618