Outlined below are three of the biggest mistakes companies make when accepting credit card payments.
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Not being PCI Compliant – Failing to be PCI Compliant can be extremely expensive for a business. These monthly costs can range anywhere from an extra $29.00 a month upwards of $2,000 a month. Becoming PCI compliant can be a difficult task with the changing standards. A large bulk of CFO’s or business owners do not have the resources to figure out how to implement and maintain these standards of compliance. Not only is being PCI Non Compliant expensive it can also result in data breaches. It is extremely important on numerous levels to ensure the business is always PCI Compliant.
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Not being on the correct pricing structure – In this industry there are three major pricing structures, The three structures are interchange plus pricing, tiered pricing and flat rate pricing. All of these vary with how they are setup, transparency and even cost efficiency. Based off numerous metrics of your business it is extremely important to be setup on the correct pricing for your business. This can result in significant savings and even transparency.
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Getting surcharged on some transactions – Depending on which processing company the business is with you may be getting surcharged. Surcharging results when the credit card processing company adds an extra fee on the true interchange cost of the card. There are over 600 different card rates you could potentially see and it is almost impossible to tell if you are getting the correct cost for that specific card or if the credit card processing company is adding an extra charge.
If you need help sifting through you credit card processing statement to see if you are getting with any of these fees please give us a call or submit your statement below and one of our experts will reach out!