How to Reduce Your Merchant Account Fees

Nov 24, 2012 by admin

If you have your own business, you most likely know by now that when you open a merchant account to accept credit and debit cards at your place of business, there are several fees associated with this. The good news is that there are ways in which you can reduce these fees to save you money.

The best way to reduce your merchant account fees is to compare services and rates of several merchant providers. You don’t want to sign up with the first account you come across. You may find out that a company will get you to sign with them at a lower rate but this turns out to be a trial rate and in six months, your rate goes up to the regular pricing. Be sure that each provider discloses what your rates will be and if you will save any money.

You can lessen the minimum amount that you pay for processing fees if you are not processing a large volume of sales each month. As a general rule, if you have over $1,400 a month in transactions, the minimum processing fee heads to zero.

You want to avoid any monthly service plans at all costs. There are a good majority of processors that will try and push these monthly fees on your, especially the higher rated plans such as the Platinum plan. The fact is that these plans do not save the merchant any money. These plans are supposed to include things such as paper for the credit card terminals. What many merchants aren’t aware of is that paper is very inexpensive to being with,

By following these simple tips, you can save your business money when having a merchant account.