7 WAYS TO SAVE MONEY WHILE USING CREDIT CARD PROCESSORS

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Are you currently using online services for processing of credit cards? If yes, then you might be paying more for your service than is required. This article has a few fast money saving tips which can be used to reduce the costs for processing of credit cards and making sure that you don’t waste any money on any transaction.

If you are processing “point of sale” payments by accepting credit cards, make sure that you check the signature that is present behind the credit card owned by your customer. If there is no signature, then you should ask for more identity verification so as to prevent the occurrence of fraud. You may think that this is a very small and insignificant step, but it will save you huge amounts of money. Remember that disputes, charge backs and fraud account for a huge increase in costs to any merchant. You will be charged any where between $25 and $45 for these charges.
Make sure you process the sales on the same day the transaction occurs. If you are using “point of sale” systems don’t wait to batch the transactions each day. The processing fees with considerably increase if your transaction is older that twenty four hours which will result in a significant increase in the overall cost of the transaction.
For the best discount rates using “point of sale” systems, avoid manually typing in the number of the credit card; instead, swipe the card in the terminal. If the swiped card isn’t read properly, then swipe it again and again as this reduces the discount rate for the transaction, which will result in huge savings at the end of the month.
If you have to manually key in the credit card number to complete the transaction, then make sure that the zip code is accurate. If there is a mismatch in the zip code you transaction cost will increase tremendously.
Provide your contact information clearly and also print the phone number of your customer service centre in the credit card statement, clearly. This is necessary because most customers will try to contact you before they apply for a charge back. If they don’t find your number then you will lose your last chance to convince the customer to keep the product.
Follow the directions given with the processing terminal when you are using it to accept payments. Sometimes you will be prompted to provide additional information in order to complete the transaction. Providing all the required information will save a lot on transaction fees.
Watch the statements of your merchant account very carefully. With the growth of your business or if you are doing a large number of transactions of a particular type, then you will be able to save a lot of money by changing your plan. For example, if you don’t get any customer who pay using debit cards then you can remove that service thereby saving you money every month.