Credit Card Processing : Reviews and Expectations
The primary costs to a merchant of merchant accounts are discount rate and transactions fees. The merchant account provider has a lot of latitude in the pricing structure.
Three tier pricing of Credit Card Processing is one of the most common pricing schemes. Using 3 tiers pricing, the merchant account provider groups the transactions into 3 groups (tiers) and assigns a rate to each tier. The three tiers are qualified, mid-qualified and non-qualified rates.
A qualified rate is the lowest tier. It is what a merchant is charged when processing a consumer credit card in a way that has been defined as standard by the merchant account provider. The qualified rates is what is usually quoted by merchant account salespeople. A mid-qualified rate is what the merchant is charged if processing a transaction outside of standard parameters. A mid-qualified rate may apply to rewards or corporate cards, which can comprise up to 40% of the cards used for purchases. The Credit Card Processing, of course, has no control over what card a consumer uses.
Do you have to say no to every customer who wishes to purchase your product / service because he / she presents you with a credit card? How many customers have you lost so far for not being able to accept credit payments? And, how much has your business suffered because your customers did not have a payment option that best suited them?
Owning a business brings every businessman a new challenge every day; increasing sales, raking in profits, minimizing losses, looking after every employee, satisfying your customers and the list just goes on.
Did you know that you could boost business sales by accepting credit cards payments? If you lost two credit card customers out of every ten customers, you lose 20 credit card customers in every hundred; and if you keep weighing the loses, you will realize that your business would have done much better if you were able to accept payments?
How Do You Accept Card Payments?
Credit and debit cards are becoming increasingly popular. Customers prefer to opt for the convenience, flexibility and security that plastic money offers them over carrying bundles of cash around. Also, if as a business owner, you were to weigh your losses stemming from non-acceptance of credit card, you will find the significant difference alarming. Accepting credit card payments, therefore, not only benefits your customers who are being offered convenience with the option to pay the way they want, but it also benefits your business since you do not lose out on sales.
So the next time your shoppers bring out their Visa, MasterCard, AMEX or Discover, you won't have to say no to them. Accept all major credit, debit and gift cards with a merchant account and watch your sales touch the skies.
Credit Card Processing : Reviews and What to look for in a Merchant Account ?
Going with the credit card trend is just about another step towards shooting up on product sales. Products can range from consumer items to consumer services. Once quality, price, location, marketing, good reviews, and popularity are all in check, ease of purchase is also a consideration. The business might just be starting up or has been at it for quite some time, but there should still be room for innovation. Whether it's the usual shop across the street, even a flea market, or a web-based company, the option of paying using debit or credit cards would surely attract the picky and impulsive buyers who live on credit these days. Therefore, choosing the best merchant account really does make a difference.
5. Check up on fees
Compare the fees and standard services when considering several of these specific account providers. This will determine which provider has the best offer for you. Also, make sure to find out if there are any special fees like statement fees for a monthly statement being mailed to you. This will avoid any future complaints about getting billed.
Remember, a reliable account services provider can promote success to your business. Choose wisely.
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