Containing business expenses

There are few businesses left who do not accept credit cards as a form of payment. The benefits are many...

• You don't need to handle cash.
• It's the preferred method by most purchasers.
• You don't need to chase money because someone is sending a check.
• Funds are typically available within 2 days.
• Retailers can develop loyalty and gift card programs with their frequent customers.

Having worked in this industry for years I learned that many merchants do not pay attention to their monthly statement from their processing company. The statement outlines how their processing fees were accumulated. Many statements are designed to be confusing.

When you pick a partner in this business find out how long the business has been open. How long has the representative worked for the business? When you sign on with a new merchant processor schedule time in 90-120 days to have the rep come in and break down the fees. Make certain you are being charged the amounts that were quoted at the time you signed the contract.

If you have not reviewed your program in more than one year it is highly likely you are being over charged. When you figure that out, look for a better option. It will represent instant savings for your business.