Tips To Lower Your Merchant Account Fees
Are the high fees charged by merchant banks to open a merchant account preventing you from accepting credit and debit card payments from your customers? Not only will potential customers prefer a competitor’s store which offers credit and debit card payment facilities, you are also losing a main source of sales which are impulse purchases. Giving the option to pay with a credit or debit card will increase the customer’s purchasing capacity which in turn will increase your sales. Visit www.solidtrustpay.com to find out more about opening a merchant account.
You will be surprised to find how much of fees can be reduced by careful planning. Here are some tips on how to do it:
Shop around
This is the most important thing to do. Check the rates offered by several merchant service providers such as Solid Trust Pay and compare them to find out which one offers the most suited facilities to suit your needs at the best rates. Make sure to ask for all the fees and charges the account will entail in black white to eliminate any surprise fees being charged from you.
Knowing the market rates charged will give you the power to negotiate for the best possible rates.
Comparing prices should not stop after you open the account, it should be an ongoing process to look out for better options offered by merchant service providers such as solidtrustpay
Have two merchant accounts
This can actually reduce your costs if you do similar numbers of point of sale and online transactions. If the merchant account you have has a tiered fee structure you will be charged more for online card non present transactions as against the lower rate paid for card present transactions. Whereas a single fee structure you will be paying the same for both types of transactions which means you pay more for point of sale transactions since the online transaction fee is more costly, but the same rate is charged for both. By having two accounts which give you the best rate for each type of transaction will reduce your costs considerably. Speak to Solid Trust Pay to work out the best solution for you.
Use address verification system (AVS)
If you do online transactions AVS will help reduce fraudulent transactions by comparing the shipping and billing addresses to verify a match, and if they do not match you can call for confirmation or cancel the order. This will prevent fraudulent transactions and chargeback which can be costly not only because of the loss of business but because of the chargeback fees that will be charged from you. At www.solidtrustpay.com you can find out about the various charges associated with a merchant account.
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