Merchant Account Fees - 7 Ways To Lower Your Rates
➤➤Video Reference Link #1
Download The 7 Ways To Lower Your Merchant Account Fees Report: https://goo.gl/77nAeH
When it comes to payment processing, everyone wants to save money where they can... so if you’ve ever wondered how you can lower your merchant account rates and fees, today I’m going to share with you how to do just that.
These are things little things that add up to potentially make a BIG difference.
They are common practices and they are things you can do RIGHT NOW (starting today) to have a bottom line effect on average effective rate that you pay to accept credit cards each month.
Now, this obviously assumes that you have a merchant account right now that you’re actively using, But if that’s not the case and you’re just doing research for a new account, click the link below to set up a call to to discuss your options.
And finally, At the end of the video I’ll give you a link where you can download summary PDF report that has all 7 ways to save money listed for your quick reference.
Here are the top 7 ways to lower your merchant account rates and fees with your current provider.
1. Always Swipe or “Dip” When You Can
Card present transactions are always a lower rate than transactions that are key entered so if you have the ability to physically swipe/“Dip” the card vs. key entering the transaction you’ll save yourself some money by way of lower qualification rates.
2. Use Address Verification Service (a.k.a. “AVS”)
Gather as much cardholder information as you can and enter it into your terminal or point of sale device for every transaction.
The more data that is sent to the cardholders’ bank, the more likely it is to qualify for a lower interchange rate.
You may have to call and ask your merchant account provider to enable “AVS” on your merchant account and there may be an additional per item fees for this usually but the savings overall CAN be worth it to you.
3. Settle Out Your Terminal or POS Every Night
Your terminal can be programmed to auto settle each night which will ensure that your transactions are sent to your bank for immediate deposit.
This is a cost saving tip because in some cases, certain interchange categories will “downgrade” to a higher rate if you don’t settle within a 24-hour timeframe.
4. Use VOID Instead of Refund/Return (When it’s Possible)
An unsettled transaction can be voided, thus saving the discount rate that would be paid if you settled the transaction & refunded the sale later.
So a transaction can be VOIDED as long as the batch has not been closed.
So basically if it’s within the same day, just use void instead of refund.
But again, if you have the opportunity use void , a, you can still void a transaction.
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