And since we’ve just recently celebrated Christmas and New Year, it’s no secret that we’ve spent some time shopping for holiday gifts for our loved ones. And you know what that means? You’ll be possibly dealing with processing fees again on your next payment.
So we took the liberty of gathering more information on how to lessen your credit card processing fees and be free from the burden of paying extra money to your credit card provider.
Be Aware Of Your Total Sales Amount
Keeping track of the money that you’re putting into your account is always recommended, but sometimes you also have to know how much money is being taken out before the deposit was made. This will enable you to identify your account’s total sales amount.
It is important that you should do this because some credit card statements are designed in such a way to hide extra fees to the point that even the most skilled credit card experts could not trace where the money is going.
Choose To Swipe Or Dip
As previously discussed, entering your credit card number are considered higher risk transactions due to a possibility of data breach and obtaining a fraudulent charge. But this won’t happen if you swipe or dip your card every time you use it. Besides, it’s much more convenient to swipe than to key in the numbers which is more time-consuming.
So make it a habit to swipe or dip if there is an option to do it.
Avoid Skipping Prompts From The Credit Card Payment Device
Choosing to avoid filling information like the zip code or the CW number can actually cost you more. How so? It is because less information on your credit card provided increases security risk. And if the security risk is high, the processor will charge you with an extra or “processing cost” transaction that you make.
So don’t be upset if the cashier will ask additional questions about your card on your next transaction because this is for your own protection (and to avoid spending extra on fees as well).
Settle Payments ASAP
Keeping more transactions before payment can also cost you more. And this extra charge is called “downgrade”. So to prevent paying a bit of extra on your credit card processing fees, we recommend that you settle payments every 24 hours.
Negotiate With Your Credit Card Processor
And finally, try to negotiate with your credit card processor about your credit card processing fees as there are areas where they can adjust like:
- Transaction fee
- Monthly fee
- Batch fee
- Payment solution fee
On the other hand, these are the areas where your processor can’t lower fees as these are set by credit card brands:
- Card association fee
- Interchange fee
Trying to negotiate may increase the chance of lessening your processing fees from the usual amount. Your processor may not always budge in to your request, but at least you have tried.