Credit Card Terminal Savings
Posted on June 29th, 2009 in Business |
Is your business being overcharged for bank merchant facility fees ? Business colleagues may be on better rates, or you might feel that you are simply being ripped off ! Bank fees are around every corner when you deal with a bank. This may be for business or personal use. When you use a bank for credit card facilities it is no different.
Like it or not a credit card terminal facility is essential in todays business environment. It is a necessary evil. Even in a cash economy there are complications. Best to accept the credit card terminal and make the most out of the situation. How can this be done ? You can find the best package deal for your business by shopping around.
Fist of all consider going to your bank or credit card terminal provider and asked for a rate review. The answer will most likely be no. However, even if your bank concedes that you are on a very high rate and offers to lower the merchant service fee (msf) percentage you will most likely get locked into a contract with unforgiving break fees.
Like it or not a credit card terminal facility is essential in todays business environment. It is a necessary evil. Even in a cash economy there are complications. Best to accept the credit card terminal and make the most out of the situation. How can this be done ? You can find the best package deal for your business by shopping around.
Have you considered an Eftpos Broker or Merchant Services Broker? This option is usually the best way to go. They may or may not be dedicated to one banks merchant services. The point is that the Broker should do their absolute best to save you money with your merchant credit card terminal fees. That is their job.
The service will usually be free of charge to you the customer, or you may be required to pay a portion of the savings you make. The free of charge service is the preferred option for most business customers but if you pay for the service then the broker will most likely be without mercy in their search of the best Eftpos Merchant Service deal.
Low turnover business can expect to pay around 2% on MasterCard and Visa. Businesses turning over around $130 000 annually on credit card fees can expect to pay 1% as a guide. $200 000 expect to pay around 0.80% . If you have a higher annual credit card turnover than this then your credit card rate should be lower. Note that rates rarely go below 0.70%.
Whether you are in Australia, New Zealand, the UK, Europe or North America then make sure you shop around. At http://firstcreditcardterminal.com we offer some articles and advice that may be of use. Visa and Mastercard wholesale rates appear on their own individual websites. Check these out and see what interchange rates your bank is being charged. This a good indicator to see if you are being ripped off by your bank.
