Are you paying too much for credit card processing?

When you are in business, the phrase “a penny saved is a penny earned” means a lot more than the average person. Let’s face it, most people will go into business to make money. With the ever growing fad of using credit cards rather than cash transactions, hidden fees can add up fast. Suneera Madhani looks at the fees that credit card companies charge retailers, what the right price to pay is and how to avoid some of these fees and become more profitable.

Key Takeaways:

• The truth is, however, there are merchant processing companies that can lower your cost up to 40 percent by offering transparent monthly fees and no contract, significantly reducing the bill each month.
• As mentioned, the average PIN debit transaction is 0.05 percent compared to a 1.5 percent credit card transaction. Limiting your transactions to just credit cards can automatically rack up expenses and harm your company in the long run.
• Another money-saving factor is choosing a company that provides multipurpose hardware; the less hardware you have to purchase, the more money in your pocket.

“One example of a monthly fee that consistently eats into revenue is a monthly credit card processing fee.”

http://restaurant-hospitality.com/finance/are-you-paying-too-much-credit-card-processing