Credit Card Processing - 7 Tips For Merchant Account Savings

Do you currently use credit card processingcard processing, if the magnetic strip is inoperable,
services online? If so, you might not be saving alland you are forced to key in the payment
that you could with your merchant account credittransaction, be sure to get an accurate zip code
card processing service. This article will outlinefor the billing address of the card. A zip code that
some fast fee saving tips to reduce the costs ofdoes not match properly the billing address of the
payment processing and ensure you are notcard holder will increase your transaction cost.
wasting money per transaction.5. Provide very clear contact information for your
7 Strategies to Save Money on Your Merchantbusiness, and be sure to have your customer
Accountservice phone number appear on the line item of
the credit card statement. Customers often
1. If you process point of sale payments withforget or do not recognize the line item
your merchant account, be sure to check for adescription for a purchase, providing information
security match for the signature on the back ofto contact you rather than the credit card
the card your customer provides you. If aprocessing company. This occurs because
signature is not provided, ask for additional identitycustomers are more likely to dispute a charge if
verification, to prevent fraud. This small step canthey do not recognize and cannot contact the
save you a fortune on your credit cardbusiness from a line item charge on their
processing statements. Fraud, charge backs andstatement, those fees add up.
disputes account for dramatic increases in costs6. Follow your credit card processing terminal
to the merchant. A typical merchant accountdirections attentively when using it for payments.
provider will charge fees ranging from $25 to $45It will sometimes prompt you for additional
for these costly fixes, resulting in skyrocketinginformation or have specialized instructions for the
costs.processing of some corporate credit cards or
2. Be sure to remember to process any salesdebit cards. Providing the information required can
you receive on the same day they thesave you per transaction fees.
transaction occurs. For point of sale stores using7. Watch your merchant account statements
credit card processing terminals you do not wantcarefully. As your business grows, or if you
to wait to batch out your transactions for thealready accept large amounts of certain types of
day. Your processing fees increase fortransactions you might be liable for a plan change
transactions older than 24 hours typically and canand a reduction in your costs. For example
increase the percentage you pay in fees perdiscount rates can be reduced because your
transaction.average purchase amount changes or you may
3. For the lowest discount rates for transactionsbe able to reduce costs by removing service for
at a point of sale location, try to avoid typing ina type of card that you see so infrequently as to
the credit cards numbers manually, but rathermake it not worth the additional costs.
swipe the credit card with your terminal. If youStart implementing these strategies for cost
swipe the card and it is not read properly, swipe itsavings and you can be sure to start seeing a
again, as a swiped credit card is typically given asignificant increase in profit and decrease in your
lower discount rate per transaction and can savecoming credit card processing statements. There
you money over many instances.is no reason you to be paying more than you
4. Following the last principle for saving on creditneed to for your merchant account services.