Smart business owners are always looking for ways to economize, but some may not think of potential savings that are literally right at their fingertips: their monthly credit card processing statement. By reviewing your current merchant services package, you may discover ways to increase your profits.
Just as businesses change over time, so do their credit card processing requirements. Start by taking a close look at your merchant account statement. Analyze each line to determine if it makes sense and corresponds to your written agreement with your credit card processor. Are you being charged for services that you don’t need or want? Are the listed rates accurate? Are there redundancies that could be eliminated? If, like many merchants, you find your statement to be confusing, ask your processor’s sales rep to do a line-by-line review with you to make sure there are no mistakes and that you’re getting the best deal for your specific situation.
The next step is to review your statement again, focusing on the bottom line. Ask if there’s some way to reduce the amount you’re paying. For example, TransFirst® offers an innovative pricing package called TransFreedom® that simplifies merchant billing by bundling several individual monthly charges into one single low monthly fee. Not only is statement reconciliation easy, but you can eliminate the hassle of figuring out interchange rates and qualifying rules. The time, energy and money you save can be reinvested in your business.
If you have diversified your business (or plan to), your current merchant services package may not be delivering the best, most cost-effective products and services for your expanded operations. You may want to consider an electronic payment gateway like Transaction Express® that provides an online payment processing center that’s flexible and reliable. Imagine how real-time transaction processing from any device with an Internet connection — computer, tablet, smartphone — could benefit your business! Transaction Express’s multi-merchant/multi-user platform and direct swipe via USB capabilities mean you can process major credit cards and signature debit cards quickly, efficiently and possibly less expensively than with your current system.
If being able to accept credit cards on the go is important to your business, look into mobile processing options that literally put the power to profit in the palm of your hand. ProcessNow® from TransFirst transforms your smartphone or tablet into a credit card terminal with a simple and free downloadable app. Pop on the recommended cardreader and you qualify for card-present processing rates, which saves you money every time you swipe a credit or debit card.
Reviewing your merchant services on a regular basis is a good way to remain connected to your operation and the ever-evolving world of credit card processing. New products and services are introduced on a regular basis, and a reputable merchant services provider like TransFirst can make sure that you’re benefitting from options that fulfill your specific needs.
Talk to one of our representatives today about reviewing your merchant services. If you’re already a customer of ours, we’ll take the time to make sure your package is current with your requirements. If you’re with another merchant services provider, we’ll review your statements to see if we can improve your deal and save you some money at the same time. Either way, both you and your business will come out ahead!