Your business deserves to pay a fair price for your credit card processing. As the new year starts and you’re setting new business goals, odds are good that you’re looking for ways to cut costs in order to reach them. Many businesses overpay for credit card processing, often without even realizing it. Fortunately, there are a few things you can do to make sure that your credit card processing fees are as painless as possible.

Make Sure Your Account is Set Up Properly

It may be a little early for spring cleaning, but the beginning of a new year is the perfect time to review the way you are set up to take payments. This can impact your credit card processing fees, so it literally pays to take a look. Make sure that you provide your processor with updated information about your business as it changes, like the number of transactions you process in a month or your average transaction amount. Your processor may be able to adjust your rate based on changes in your total volume.

Ditch the Junk Fees

When was the last time you really studied your statement? Take a look at your most recent one – unless you’re processing with 360 Payments you will likely see a few credit card processing fees you don’t recognize or can’t understand. Administrative fees, PCI compliance fees…you name it, processors have tried it. It’s time to call them on it. If they won’t remove the fees it’s time to shop around.

Reduce Your Risk

Did you know that there are ways you can lower your credit card processing fees based on your behavior? There are two main ways to do this – doing as much card present business as possible and gathering extra security information from your customers. Swipe or dip as many cards as you can rather than taking payment over the phone. You’ll pay a higher rate on keyed in transactions. Also, entering some additional data at the time of the transaction like the customer’s zip code can decrease your credit card processing fees because it reduces the risk of fraud at your business.

Just Ask

Many processors are hoping you won’t ask about your fees and that you won’t notice that they keep creeping up. Don’t let them get away with this! If your processor didn’t clearly explain all the fees on your account, what they’re for, and how you can reduce them when you signed up, now is the time to make them do just that. Your processor should be clearly able to explain your credit card processing fees and show you why you’re paying what you’re paying. If they can’t, they’re not being transparent with you – and you deserve better than that.

Pay Attention to Card Types

Some cards are more expensive to accept than others. The ones that give their holders so many great rewards and perks? Those perks have to be paid for somehow, and it’s often with increased credit card processing fees for the business owner. Don’t worry – you can still keep costs lower on even the swankiest rewards cards by entering the extra security data we talked about above.

Remember That Fees Aren’t Everything

Someone will always be able to give you a lower rate. Yeah, we said it. However, it pays to remember that you often get what you pay for. At 360 Payments, we are committed to offering you the lowest rates we can while still paying our excellent US-based support team and continuing to build new software integrations to serve you better. That means that someone might come along and be able to shave a few cents off your bill, but you’ll be losing so much more. Think twice before chasing the absolute rock bottom price.

 Find a Processor You Trust

Your credit card processor should be willing to openly and honestly discuss your rates with you. For that matter, they should be easy to get ahold of for that purpose and any other needs you might have. If you’re tired of chasing your processor looking for answers, it’s time to give 360 Payments a try. Give us a call or drop us a line on our website – we’d love to show you a different kind of credit card processing experience.

PS – What’s a PCI compliance fee, you ask? Let us explain.

PPS – Surcharging has been a hot topic for many of our customer recently. Learn about it here.