No one likes fees, especially if they’re avoidable. Searching through your bills and statements can be time-consuming, especially if your line items are filled with jargon. Some processors charge extra fees for everything from PCI compliance to setting up your account. Here’s a few ways you can identify and avoid those extra fees.
Know Your Fees
Read through your statement carefully to see what you’re actually being charged for. For instance, some processors charge a fee every time you batch. This means a fee is charged every time your business sends out your daily transactions to a bank.
If you’re charged by the batch, you can avoid this fee by only batching once per day. Or, switch to a processor that allows for unlimited batching without a fee. You can’t cut costs if you don’t know what they are, so it’s important to find your fees.
Protect Your Devices
When choosing a processor, the option to lease payment hardware can be enticing. After all, you’re spreading the cost out over months instead of having one lump sum. However, leasing can cost more in the long-run compared to buying your terminals. Many processors charge extra device fees while you lease their terminals. And, if you want to switch processors, you’ll have to start all over again.
Instead, we suggest that merchants buy their payment terminals and opt in to a protection plan. Not only will you own your hardware, but you’ll be able to easily get a new system in cases of wear and tear or accidents. This is a great option for businesses with high foot traffic. If your terminal gets knocked to the ground, you’ll be able to get a new one for just a few dollars a month.
Stay PCI Compliant
All merchants that handle cardholder information have to be PCI compliant. That means that if you store payment information, the data is being securely stored. Not complying with PCI Data Security Standards can incur costly fees and fines. Most credit card processors and merchant service providers will help you become and stay PCI compliant. However, some merchant service providers can also charge PCI compliance fees, though it’s unclear why! Be on the look out for this extra fee on your statements.
Choosing a credit card processor is a huge business decision. When you’re comparing merchant services, it’s more than calculating the per-swipe fees. Some processors use tiered pricing, while others add a percentage markup. If you’re looking for the lowest rates, consider a subscription-based pricing model. This locks in the wholesale cost of interchange and avoids extra contract fees.
Avoid Cancellation Fees
Contract cancellation or early termination fees can be costly, especially for business owners. When you’re locked into a year-long contract with a processor and want to switch, you could face a steep fee. At Fattmerchant, our monthly subscription means you don’t have to worry about being locked into a contract for a year to avoid paying a fee. You pay a flat, monthly rate and can process as much as you want!
Extra fees and hidden costs can bring down what seemed like a great deal on credit card processing, but you can avoid them with the right processor! Fattmerchant’s innovative subscription pricing gives you access to the direct cost of interchange. There are no extra markups and fees and you don’t have to sign a contract. Plus, our easy-to-read statements are transparent and clear on what you’re paying for.
Process as much as you need to without worrying about the hidden fees of traditional merchant service providers. That means no PCI compliance fees, statement fees, or cancellation fees. Put dollars back in your bottom line and take the hassle out of trying to find out what exactly you’re paying for any why.
Interested? Request a demo and see out how Fattmerchant’s innovative technology and transparency are changing the payment experience for merchants.