Connect with us


How to Reduce Merchant Service Fees

As common sense would denote, if you own a business, then you need to take stock of your budget, finances and other such monetary affairs to ensure that you are not losing revenue. Sadly, so many business owners, regardless of their size, fail to take stock of simple money-saving strategies, which ultimately see their businesses losing much money in the long term. Merchant Service fees are a sure fire way to lose a lot of money, quickly, in the event that they are not reviewed on a semi-regular basis. Take a look at these top tips on how to reduce merchant service fees:

Grow Your Business:

Of course, everyone wants to grow their business. A bigger and better business is all a part of the plan. When it comes to merchant fees, bigger is certainly better when it comes to your business size. The bigger your company is, the lower the fees will be. A sad fact of life is, that the bigger the business, the more of a priority it will be to credit card companies. After all, every business wants to land that huge account, and the credit card companies are no different. In summary, expand, grow and build on your business to ensure that you are cut the best deal by card companies.


When Does Your Contract End?

Much like you would with your household bills, you need to check when your current contract ends with your supplier. Should your contract be due for renewal, and then look at what their competitors are offering for new customers. Should you be able to get a better deal to seek the same services elsewhere, do so. Loyalty, sadly, does not pay. If you are unhappy with your current service and deal, then change providers. Similarly, it may be cheaper for you to buy your way out of your existing contract to set up a new contract elsewhere. While outlaying a sum of money now may not be your top priority, it could save you a small fortune for the long term.

Choosing the Right Provider:

As the adage goes, if it sounds too good to be true, then it probably is. Do not be lured into deals with false promises of low prices, which ultimately end up more costly. Ensure that you work with a provider that is keen to facilitate business growth. By choosing the right provider for the needs of your business, you will reduce your merchant services fees in the long term.

Look at Your Monthly Statements:

Due to the way that merchant fees are processed, it is likely that you will not understand the first few statements that you receive. This is not a bad thing. There may be fees that you are unsure of, or the statement may be higher than you were expecting. If this is the case, then contact your provider and ask them to explain the charges and give you a breakdown of what costs have been incurred, in layman’s terms. You are there customer and; therefore, you have the right to know what you are paying for. Do not be afraid to enquire further. If you think your merchant service fees are too high, tell them. You may be entitled to a refund.


Photo Credit: 401 (K)

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply


Popular How To Guides

Travel2 days ago

How To See the Sights of London in One Weekend

If you have never been to London before, you may be wondering where to start with a plethora of landmarks...

Finance2 weeks ago

How To Trade Forex – Forex Trading Tips You Shouldn’t Ignore

The stock market can be an extremely profitable way of earning a living, however, it can also be highly stressful...

Sport2 weeks ago

How to Prepare for a Coaching Session

Fail to prepare, prepare to fail – the mantra of any good coach. Before any training session, as a coach,...

Fun3 weeks ago

How To Become A Competent Hunter

Public interest in hunting had hit a bit of a lull between 2015 and now. However, 16.9 million hunted in Spring of...

Social3 weeks ago

How To Get Your Kids Ready For Their First Baseball Game

The first baseball game that you kids play is an exciting time for a parent. There is no better feeling...

Games / Video Games4 weeks ago

How To Start Following Horse Racing

Following horse racing is one of the world’s most popular pasttimes, particularly with those who wager on a regular basis....

Technology4 weeks ago

How To Convert and Download YouTube videos to your Local Hard Drive

YouTube is a great platform but the second you lose your internet connection, it becomes obsolete. Without a steady connection...

Games / Video Games1 month ago

How To Play The Lottery: Five Things You Need To Know Before Playing

Lotteries are the world’s most popular form of gambling, as the low stakes with potentially life-changing returns are just too...