How Do I Get Rid of My Credit Card Processing Bill?

  • Your Credit Card processing bill comprises of several different types of processing fees. Sometimes, you will notice hidden fees being charged to you. For example; PCI compliance fees, and others that you have never heard of.
  • Credit Card Processing Companies always charge you a processing fee. The fees might come to be at an average rate of 5%. You will have to either negotiate with your payment processing company to lower the rates down or choose a company that falls cheapest to work with.
  • Ask you company not to charge you fees for early termination, monthly statements, acquiring fees and additional charges, if they do not agree on negotiating you can give them an ultimatum saying you would switch to a different company.
  • You can also ask your customers to use cash or debit card to make a payment instead of credit cards or even surcharge a flat rate for using their credit card.
    It is very important to clear details about every single type of fees that the credit Card processing companies charge you. The processing fee is unavoidable however, you can minimize it tremendously.

Here are a few ways on how to get rid of your Credit Card processing bill:

1. Proper setup:

  • When your account is being set up. Credit Card processing companies do not always reveal all the different types of bills that they charge you, instead they will add up all the bills together and make it look like one single bill.
  • Make sure that when they install the terminal they have made it secure for transaction and your business information is a hundred percent correct. Make sure that the total transactions processed doesn’t take more than 24 hours to go through, this will reduce the processing bill.

2. Contact the first party:

Get in touch with the main Bank that processes transactions. Several big banks are ready to do business directly with the retailers instead of involving a third party processing company so that they do not have to pay any commission amount. This will fall in your interest as well, you will end up paying a smaller fee directly to the bank.

3. Be updated:

  • If you are a small merchant or if you have just started a small business, for you American Express has recently introduced a program named OptBlue.
  • Several American Express Card holders choose to shop with merchants who have opted for this program. Apart from this make sure that your terminal accepts the credit cards which are most used.

4. Take advice and make the right choice:

  • It is very important to take advice from experienced persons who have been processing payments using credit cards. However be careful of myths like switching credit card payment processing companies from time to time will actually help you get the lowest possible bills, this is not true.
  • There are things that you would need to know that only experts can tell you. Also, be careful in choosing a Credit Card processing company. Always go for a company that has the best reviews and the lowest bills.

5. Protect your business from credit card fraud:

  • Make sure that your merchant account is never at higher risk.
  • There are two basic ways in which you can protect yourself from fraud risk; the first is by swiping the card every time you process a transaction, and the second way is, when you manually type in information, try to validate the purchase by asking your customers to answer certain security questions.

6. Do your research and negotiate:

  • Always do a proper research. You can simply go online and read reviews about these companies or you could ask similar merchants for advice.
  • Once you have found the best company you would like to do business with do not just agree on any bill structure that they offer, make sure you negotiate on the fees.

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