Saturday, June 27, 2009

5 tips to reduce your credit card fees now

Fees usually vary because of the risk the provider takes on by letting your company accept credit cards. You may pay more or less credit card fees depending on your industry because of the type of goods or services you sell.

Here are 5 tips you can use to save money on your credit card processing
  • Check that your provider is using the correct merchant category code (MCC) for your business
  • Swipe the credit cards wherever possible
  • Get direct interchange pass through pricing
  • Review your bill make sure you understand what's on it and how it got there
  • Reduce chargebacks by using fraud tools such a AVS etc

There are many other ways to save money on payment processing, but these you should be able to determine quite easily. Remember it doesn't always come down to the lowest rate quoted. Hidden fees can make the actual costs you pay much more than the quoted rate.

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