Embed Size (px)
Citation preview
7 WAYSTo Save Money On
Merchant Service Fees
1Understand that Merchant
Accounts and Gateways are Different
Merchant Account
An online bank account that allows a business to accept payments by debit or credit cards.
Payment Gateway
An application service provider that authorizes transactions and processes payments.
Some companies sell…
Merchant Accounts ONLY OR
Gateways ONLY
Save time, hassle and money… Do business with a company that does both.
Merchant Account AND
Payment Gateway
2Make Sure You’re PCI
Compliant
If your business accepts credit cards as a form of payment…
PCI compliance is a set of security standards that
protects credit card information.
You MUST BE PCI compliant.
How Do I Become PCI Compliant?
1. Complete a SAQ self-assessment questionnaire
2. Pass a PCI security scan3. Ensure credit card data security
Did You Know?
There is a FINE imposed for NOT being PCI compliant.
Can your business afford to pay up to $100,000 per month in fees?
If your merchant service provider has NOT tried to get you PCI
certified, just say…
3Use a Merchant Services
Specialist,Not a Bank
1. Banks don’t always provide their own merchant services. They often contract out to a third party.
2. Banks sometimes charge you for the additional money to hand your business to someone else.
Avoid the middle-man Choose a company that can provide the
specialized merchant services you need:
• Payment Processing
• Payment Solutions
• PCI Compliance
• In-house Support
• Chargeback Management
4Require Personalized Service
This is a business partner who is handling your money.
If their idea of customer service is an outsourced phone number or email address, then STOP and say no thank you!
5Choose The Right Solution For
Your Needs
Find a provider that can do it all.
24/7 In-House Customer Support
Reliable Relationship Manager
No Contracts Secure Payment Gateway
Integrated Payment Solutions
Chargeback Management
Choosing the right solution simplifies business drastically…
…it also cuts out the ability for different companies to start pointing fingers at one another.
6Choose Flat Rate Pricing, Not
Tiered Pricing
Before you sign anything, make sure your provider is offering flat rate pricing. This ensures you will not pay any hidden fees.
Tiered Pricing is a red flag!
Stay away from rounding.Most companies will round in their favor not yours.
With tiered pricing, processors can choose which rates to charge you. Typically, they will choose the highest rates possible.
Interchange Plus Pricing offers fixed rates. You’ll know exactly what you’re paying.
No Hidden Fees!
Say YES to Interchange Plus Pricing!
7Watch For Small Additional
Fees
Application/Sign up feesLong term contractsInstallation/upgrade/support feesMonthly minimumsMinimum transaction sizeMonthly maintenance fees
Ask about these services and fees…
