As the financial year has just begun, it is definitely a good time to go through and have a detailed idea about your company’s expenses. One of the most common places where you can expect to find savings is the merchant account fees. If you are the owner of a merchant account you should continue reading this article for finding a solution to save your expenses in just 30 minutes or less.
Choose a Reputable Representative
The experts say that most of the representatives in this field are often disregarded. Thus, when you are choosing one that should be a reputable person. This reputation of theirs should come from their years of providing services in the field. So, be sure to choose one that is of the area and can explain the field in terms of a jargon.
Understand the Pricing Models
Merchant services account rates have three pricing models in the credit card processing. These are tiered pricing, flat rate and the interchange plus or the cost plus pricing.
- The tiered pricing has three levels that are known as the qualified, mid-qualified and the non-qualified tiers. The processor bundles the rates that process them to transactions.
- There are processors like Square and PayPal that makes up the flat rate pricing. This one is considered to be the best for the merchants who have the ability to process small monthly volumes.
- The last but not the most effective method for the businesses that process an average of $2k is the interchange plus. The card brands charge the credit card processor to process the current transaction that a person has made. So, a person can have access to almost everything under a pre-negotiated rate that is added to the top after every purchase. The model is a bit confusing but is an effective one.
Ask Proper Questions
There might be many ancillary fees that might be attached to the merchant account. So, when you are dealing with the matter. Be sure to know the merchant services account rates annually, minimum monthly penalty, statement fee, batch fee, etc. Inquire if you have to enter any contract or not for availing the services. If yes, then you should also know about the details of the contract.
Know the Services
The reputed processors offer 24*7 tech supports for the customers at no extra costs. While you are choosing your representative, make sure that he or she will be available to your for advice or solution whenever you are in need. They should also be able you to guide you in the right direction.
Get Updated
If you are taking the swiped credit card transactions with the help of the credit-card terminals be updated with the latest updates in the chip technology. Some of the providers offer the services for free while others charge a minimum amount for it. You can ask your representatives about the costs. Be double sure that the payment gateway you are choosing offers you all the services that you need.
By opting all these things carefully will help you choose the best Merchant Services Account Rates that would be profitable for your business.