How to pay the lowest price for credit card processing!
With consumers preferring to pay through credit cards than by cash, it is high time your business started accepting credit card payments. But since credit card issuers take a big bite from the total profit of the merchant, many businesses try to avoid it. The card processing fee is 2% of the total purchase done by the buyer. This can increase up to about 5% as the merchant account firms charge on earning from sales you make through credit card which include statement fees, interchange costs, and processing costs. Since the credit card usage is expected to increase in future, you need to accept payments but with the lowest price credit card processing payments.
Yes, with some meticulous research and planning it is possible to avoid the high processing fees. Merchants can smartly save an amount by opting for the lowest price credit card processing for a transaction. This can save a lot of profit from going out of their hands to the issuer of a credit card. Many ways are available, which help in saving this amount. The best one to choose is Swype Fast, which has a zero fee system of merchant processing. That means they take no charges for processing the transaction. Swype Fast can eliminate a higher than 95% of processing charges on a credit card transaction. This is an amazing way for a merchant to save money. The credit card fee is dependent on several factors. Such factors are mentioned below in detail:
1. Compare to get the best deal
Choosing a credit card processor is just like any other financial product you buy. You begin with comparing the various providers. This will help you identify the lowest price credit card processing company.
Some of the providers charge more than the rest even if they provide similar services. Some providers may offer lower rates, but you will find hidden charges and fewer service features. To compare a search for the companies that are accredited and have good reviews from customers. Some of the factors you should consider while choosing the provider include:
- Total rate for the processing after all fees are added
- Presence of any agreements and fees for cancellation, statements, application and service fees
- Waiver of any of the fees by the provider
MasterCard and Visa are the main credit card providers in the market. Their rates vary by a slight difference. Also, there is a variation in price within a separate card network. Check for lowest price credit card processing charges as you would want to save maximum money by paying the least amount. You can talk to the provider to know how you can receive lower fees for the transactions. Most often the fees are directly proportional to the volume of transactions.
2. Type of credit card
The type of credit card also impacts the charges of processing it. As discussed earlier, various types of cards are available in a single card provider. Cards, which have more services, tend to be more expensive. The lowest price credit card processing facility is given by Swype Fast. So, opt for it to save your money if you are a merchant or businessperson.
3. Processing of payment
A card needs to be swiped over an equipment, which is provided by the credit card company. Leasing of the card swiping machine is an option some businesses consider. But this is not a viable option as you will be paying around 20 times the price of the credit card machine. Instead you can consider the credit card mobile readers which can be plugged into your tablet or smartphone so you can accept the cards from anyplace. SparkPay, GoPayment, Etsy are a few examples. The networks of credit card distinguish between mobile payments and the payments,which are done online. Generally, lowest price credit card processing is seen in swiped transactions.
4. Merchant category code
You can categorize your trade and every sale that you make. This affects the charge you need to pay for each transaction that is made during each sale done using a credit card. There should be no manipulation done to save money since such an act gets easily caught by the card issuer. Moreover, it involves punishment to the doer of such an act. So, find a lowest price credit card processing way to deal with such processing charges rather than using illegal ways to save them.
5. Swipe instead of manual entry
When you make a transaction and enter the information of the card holder manually you have to pay more by way of fees than when you swipe. This is due to the fact that manual entry is more susceptible to fraud. Hackers usually get credit card information without the presence of a physical card for their fraudulent purchases. If you are entering manually you have to switch over to swiping. This is another way you can use to pay the lowest price for credit card processing.
You now know how you can reduce your credit card processing charges. Even though no merchant would want to cut out his/her profit share to pay charges, there are various ways to save this amount. So, do some research and find the card issuer, which charges the lowest price credit card processing. Apart from that, you should give Swype Fast a try to save a lot of money on your credit card processing fees. Swype Fast provides the fastest and the most hassle-free services to merchants. The company offers an exclusive cash discount program for the benefit of businesses. You can avail this program to get the lowest price for credit card processing. The program helps in faster payment processing and allows you to collect your entire revenue by eliminated the monthly fee that is usually charged for processing. The cash discount program is a valuable feature that can help you save money on your credit card transactions.
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