4 Places To Save On Your Credit Card Processing Statement
When it comes to Merchant Services, reading your statement every month might as well be comparable to reading ancient hieroglyphics There are random numbers all over the place, fees that you never knew existed, and a cluster of jibberish that is next to impossible to make sense of. Here are 4 places to look on your credit card processing statement that can alleviate some of the confusion:
- Discount Rate – This is the service/mark up fee that your credit card processor is charging you over the interchange rate. Many times, credit card processors will try to hide this fee so you cannot see what you are paying. They do it on purpose as the higher they can set this rate on your merchant account, the more money they will make. Always ask you provider what your discount rate is should you have questions on what you are paying.
- Authorization Fees – This is also known as a “per transaction fee.” Many processors have a per transaction fee, typically $0.10 – $0.20. This is an additional fee that goes hand in hand with your discount rate. Companies with large volume, beware, as many processors might offer you a low discount rate but will make up their profit in the per transaction.
- Monthly Fees – This should be self explanatory. Processors love charging business owners multiple monthly fees, some of which are additional profit and goes right into their pockets. Most of them are just fugazi. You will see things such as PCI service fee, monthly service fee, and the list continues. There are easy ways to get rid of these with our help!
- Hidden Fees – These are difficult to identify but they are out there and they are hidden for a reason! Most credit card processing companies will not tell you what these fees are, for obvious reasons. Twice a year, your rates can tend to increase, additional charges are tacked onto your account, and you slowly start to realize that what you were paying 6 months ago is no longer the case.
We get it. This stuff is dry and nauseating, and who knew this much went into accepting credit cards, right? That’s why we are here to help you understand your statement and reduce your fees FOR YOU. No fluff, no BS, just concrete answers and savings!