Do you know all the factors to get the cheapest credit card processing rates? Today, we are going to tell you five factors to lower business costs.
Please contact us if you want to get a new merchant service or switch to a new provider. We offer the lowest transaction rates with 24/7 UK based customer service.
You cannot control factors, such as interchange rates, but you can lower your processing rates drastically by choosing the right service provider.
Want to know more? Please read this blog.
1. Common Payment Terms
You can easily find the best retail card payment solution online. However, we suggest you read all terms related to the service, like interchange rate, the difference between merchant banks and issuing banks, how the system works etc. Having this information ensures you will make the right decision.
2. Know Your Numbers
Please know the factors like average cart size, credit card volume, risk profiles and transaction rates to avoid any discrepancies in future. It is essential to be aware of your business metrics.
3. Focus on Lowest Markups
Expert marketers primarily focus on markups and not on rates because there are many non-negotiable fees paid to banks and card networks, and processors have no control over those fees. All providers have control over their markups, i.e. the amount you pay us. That is why we recommend you focus more on markups.
4. Know the Pricing Structure
It is essential to compare the pricing model of new business card payments. We have a blended/flat pricing model with no hidden charges, which is the most affordable option for a small business.
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5. Customer Support
In our opinion, it is the most important factor for all businesses, especially for a business related to financial transactions. Please choose a provider that offers the best customer support.