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Things To Do To Reduce Card Acceptance Cost

By Shirley Schmidt

People could be paying with credit and debit cards rather than cash because of the convenience it gives and the feeling of security compared to bringing cash. Studies show also that customers have a tendency of buying more than intended when this method of paying is used. Because of these benefits, many establishments in Atlanta, GA accepts this payment mode.

A huge infrastructure is required for handling payments all these transactions and the processing fee is paid for by the owners of the establishments like yourself. This, together with your other monthly payments, can add up to a meaningful expense that your business will have. This is the reason that merchants are searching how to reduce card acceptance cost Atlanta GA such as these.

Negotiate with the card processors by letting them see that your business can add more value to theirs. This can be done by having numerous transactions in your establishment which they can use to negotiate with their suppliers. When you give them more that they can use to negotiate then when they succeed with the negotiations, then they could also accommodate your request and lower your fee.

A direct proportion is there between the processing fee and the risk of having fraudulent transactions, which means the fee is higher when there is higher risk. You can reduce this by letting customers swipe their cards or enter their security information when paying for their purchases. When the cards are keyed in instead of having them swiped during transactions, there is a higher risk making the fee higher.

Entering a security information also lowers the risk by protecting the cardholder and validating the purchase. The effective ways of doing it is by providing a billing zip code and a security zip code. Skipping this process will increase the risk of fraud that would also increase your fees in transacting cards.

Sign up with a bank that does their processing themselves instead of going through card processors to save on the fees. Most local or small town banks do not process these themselves unlike the big banks which are being outsourced by these smaller banks. You can still use the smaller ones for keeping your deposits by having the big ones deposit the funds there.

Provide the correct business information when setting up your account to avoid higher card processing fee. The information regarding the business type, transaction type and frequency is important in determining what you have to pay. Processing them every day is more cost effective than every after few days due to having lower fees with lower number of transactions.

Consult with the experts which can help you to understand more regarding card processing and might help in getting lower rates for your business from processors. Knowing someone with insider information can help you in having leverage when negotiating. Switching from one processor into another is not needed to save some.

The contract must be read properly before you would sign it to be aware of all fees being asked. Determine which terminals functions are needed and which are not so you will not be paying for these unnecessary functions. Identify which cards cost more when processed and try to offset this.

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