A Quick Guide to Huge Credit Card Processing Savings by timberlake

Cleaning the magnetic strip readers on credit card machine



The magnetic strip on the back of a credit card or debit card holds the vital information of the cardholder. A credit card machine reads this information when the card is swiped through its reader. Thus, in order to get the lowest processing rate, the machine should read all the data from the card’s magnetic strip.



You must clean the magnetic strip reader timely on your processing machine. It can save you huge bucks on processing charges each month. If the machine’s card reader is not cleaned up properly, making it hard to read the entire data. The transaction may still be approved, but it will be charged at a higher interchange rate. Keeping the magnetic card reader in your processing equipment clean will save you from overpaying for processing.



Switching from tiered pricing to interchange-plus



Almost all of the merchants that process credit cards utilize a tiered pricing model. Tiered merchant account pricing is an expensive model than the interchange plus, a more transparent model which is widely available these days.



Read your credit card processing statements carefully. If you find charges for “qualified,” “mid-qualified” or “non-qualified transactions” than you’re processing credit cards on a tiered merchant account pricing model. Switching to interchange plus pricing can save you as much as 25% or may be more each month over tiered pricing.



Monthly minimums waived



The monthly minimum adds substantial expenses to the processing bill especially in seasonal businesses. The monthly minimum is the amount charged by your merchant service provider regardless of your actual processing volume. Calling your processor and having this fee removed from your merchant account will save you a lot in any month where you don’t have to pay the minimum fee.



Monthly “junk” fees waived or reduced



The service providers earn profits on fees other than actual processing charges. Therefore, even if your merchant account is on the lower interchange plus pricing model, they may overcharge you with additional “junk fees.”



Monthly junk fees is also called as customer service fee, statement fee, Discover network fee etc. You can ask your merchant service provider to provide you the statement either on the phone or in person. And as they mention fees, inquire for what they’re for. If it’s a junk fee, insist to get it done lower or abolish from your account completely.


Get more information on Merchant Credit Card Processing Services at www.paynetsystems.com



Article Source: A Quick Guide to Huge Credit Card Processing Savings