The truth is you could be missing out on big savings. There are also other advantages you didn’t know existed, explains payment processing advisor, Jason Wood.
Learn the answer to these three questions to make sure you’re making the most of how you process payments.
“Many merchants aren’t aware of their effective rate, or what they’re paying to accept cards,” Jason says.
Calculate your effective rate by dividing your monthly processing fees by your monthly sales volume. It is important that business owners know how to calculate their effective rate so they can understand better what they are paying for and are able to hold their payment processor accountable.
Whether you’re accepting payments at your location or offsite, there are a variety of ways to process payments and you want to work with a company that offers the solution that works for you. “It’s important to be aware of these options so you can pick the right solution–or a combination–that fits your business needs,” Jason explains.
If you’re processing with a standalone terminal, for example, consider using a virtual terminal so you can integrate your payment processing with your accounting or ERP software.
When you provide Level 2 or 3 data, it allows access to lower interchange rates from credit card companies, saving you up to 40% in the long-run, resulting in optimal savings.
Level 2 and Level 3 processing provides more detailed transactions designed to support business-to-business payment processing. By utilizing Level 3 processing, an Asphalt Supplier saves nearly $15k in three months.
Let chamber partner Infintech help save you more: