Credit Card Processing For Small Business
If you’re in business, or if you’re thinking about setting up a business then you’ll have a lot of things on your mind, from products, reaching new customers, keeping existing customers and keeping prices competitive. But one of the things you might have forgotten about is accepting (mainly card) payments. Certainly, it sounds easy enough just to accept cash or card payments, but why would it be something you’re mindful of? Well, it’s like when you get broadband fitted, you won’t just go for any provider because you’ll want to make sure you’re getting the best price!
It’s the same when you take payments, especially via card. This is because there are many card payment machines readily available out there that will take card payments. But also, there are a number of businesses who sell these card machines (with preset card processing fees) to both start-up and established businesses. So with this in mind, it can be hard to know which card machine to buy (and who to buy it from). After all, there’s not just the buy price to consider but there’s also things like card processing costs whether you need Bluetooth, WiFi or Data SIM connectivity and whether you want to own the card terminal outright or have it on a contract basis.
Here’s the thing you might of missed, credit card processing fees! Getting a card terminal is all well and good, but how much money will you lose (as a percentage of the sale) every time you take a card payment? It’s a key thing to keep in mind when you’re thinking about accepting card payments because if the fee is too high, then that’s more profit being taken out of your sale. So with this in mind, it’s important to know what credit card processing fees are, and why you need to really pay attention to them when you’re either about to buy or renew your contract with a merchant services provider for your card terminal.
So what are credit card processing fees and why do you need to pay them? Well the processing fees are made up of smaller fees, including transaction fees, authorisation fees, merchant account fees, merchant service charges and a PCI compliance fee. You need to pay the credit card processing fees, in order to accept card payments.
Do credit card processing fees sound complex? We know but we’re here to explain it, in simple every day terms. A transaction fee is a charge issued by the card company (Visa, American Express, Mastercard) when you take a payment using their card. An authorisation fee is a charge made by the card issuer to authorise the payment. The merchant account fee covers the “check in” account that holds the money whilst it gets authorised and then moved to your business account.
Of course, when you’re about to purchase a card machine you may not be aware of just how expensive these credit card processing fees can be. In fact, most business owners think that the card processing fees are set and that it’s something that cannot be reduced. But that’s simply not the case, in fact with Novus Pay it’s quick and easy to get your credit card processing fees reduced, saving you money on every card transaction!
Here’s the thing, you don’t have to be trapped with credit card processing fees taking a chunk out of your profits every time you accept a card payment. In fact, you can get the lowest card processing rates around, and it’s so easy to find out how. Just use the Switch & Save service from Novus Pay and save big. It’s free to use, and is no obligation. So give it a go and save on credit card processing costs.
So how does the Switch And Save service work? Easy, you simply submit a copy of your merchant statement, and our team will get to work finding you the lowest card processing rates on the market. Then you can choose to switch and save! Don’t forget, if we can’t find you’re a better rate then you’ll get £500!!! After all, why keep on paying expensive card processing fees when you don’t have to? As a business owner, you want to reduce your costs and our team here at Novus Pay can help you do just that. So use our Switch and Save service today.