There are many ways we can help business owners improve profitability via payment processing technology, for both checks and credit cards. Frequently the customer makes the first payment in the office, and then they may or may not pay in person again later. This presents multiple potential efficiency and profit problems.
PROFIT BUSTERS FOR CREDIT CARD PROCESSING
- If you have a retail merchant account, all transactions key entered after the initial swipe will not ‘qualify’ for the lowest rates.
- Not entering all the information needed for different types of cards and transaction types, cost up to 1.05% extra, even if you have wholesale interchange plus rates.
- If the customer agrees to storing credit card information, is your method PCI Compliant?
- How many steps does it take you to charge customers on future invoices?
- If you do not comply with card acceptance rules, you’ll lose customer disputes. For example, if you key enter or electronically submit a recurring sale, without the MOTO (mail order, telephone order) or ecommerce and without the ‘recurring sale’, you’ll have a tough time defending chargebacks.
- Chasing customers for expired card data on recurring sales.
- Mailing invoices.
PROFIT GAINERS FOR CREDIT CARD PROCESSING
- Intelligent system automatically identifies transaction and sends it with all the proper warranties and representments so you always hit qualified rates on both types transactions.
- The above also impacts losses from disputes.
- Never store payment data on your servers.
- Payment platform doesn’t let employees impact costs- using rules, employees cannot override requirements.
- Automate processes, including expiring card notifications and retries after failed transactions due to insufficient funds .
- Deliver electronic invoices to email or mobile device via text.
- Automated pin debit conversion- when it’s most economical- reduces cost of debit, even in the current Durbin Amendment era.
Example savings detail:
No Visa and Mastercard dues and assessments on pin debit. This isn’t much for the one store location, but if you have a big volume, it’s tens of thousands annually.
Commercial card transactions as low as 1.8% for MasterCard vs 2.65% with level 3 data at the Point of Sale and with the virtual terminal. A .8% savings just by sending the additional information needed.