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Credit Card.
As a shop owner, I used to pay an absolute fortune in credit card processing fees until I spoke to a friend of mine who told me to research different merchant account services for better rates. My friend also gave me several tips for saving money whenever I needed to accept credit cards for payment instead of cash. So now, I am so much happier with my merchant account, and seeing much more in the way of profits.
One of the first things that I did was to check and see what the qualifying rates that I had with the merchant account services that I was using were. I never realized that there were qualifying rates, mid-qualifying rates and non-qualifying rates for credit card processing. When I accept credit cards in my store, most of the time I swipe the card and get them to either sign a slip or put in their pin number. This lowers the risk to the credit card processing company as they are assuming that you are checking the identification of the customer and checking his signature. Subsequently, my store's credit card processing rates are lowered as well.
The mid-qualifying rates have a higher cost transaction for merchant account companies, and these rates are then passed on to you. This could be something simple like having to enter a customer's card details in to the machine as it could not be swiped for some reason. I never realized that this could cost me more, as I have been taking payments over the phone for a long time. Non-qualifying rates are the highest credit card processing fees and present the highest risks for both merchant account services and people like me.
These rates are if you do not have all the information that you need when punching in credit card details. When I understood what all these rates entailed and what actually happens when I accept credit cards in my shop, I passed all the information on to my staff. Now that they understand how important it is to get as many details as possible, I have been paying less credit card processing rates to the merchant accounts.
Another tip that my friend gave me was to check every customer's card when they are paying. If they are paying with a debit card instead of a credit card, I was to make sure that I enter it as a debit card. Every time I swiped a card as a credit card instead of checking, I was being charged by the merchant account services. Since I have started to do this, I have noticed a marked decrease in my credit card processing fees.
I am so glad that my friend decided to fill me in on all of these things, as they have made a world of difference to me and my company. When I accept credit cards today I always think about the credit card processing fees on my merchant accounts. I am careful to put in as many details as I can and check for debit cards. If I have any queries, I check my merchant account and get help from the merchant account services to get answer all my questions.
Article Source: Love my Articles
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DSS Boxes is author of this article on credit card processing. Find more information about credit card processing here.
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