Credit Card Processing Fees
Credit card processing fees can be a pain—most especially if you don’t have the right kind of help.
In fact, they may even cost an arm and a leg, if you’re not careful about it.
But let’s face it: Businesses need to have a way of accommodating credit card payments. Hands down, that’s very important.
Realistically, what happens after the credit card transactions are completed? Is everything smooth sailing after all that’s been said and done?
In fact, if you don’t take the appropriate steps—you might have a big headache to deal with later on. One big example: Exorbitant and over the roof payments for credit card processing fees and many other additional expenses.
So, how do we control credit card processing fees?
Before proceeding, let’s look into credit card transactions more deeply first (just for us to get a better idea on what the fuss is all about)...
If you are in business, then you will probably have customer and clients to cater to.
You are selling products or services—and your consumers will pay in cash, or via credit cards, debit cards or other payment methods, as the case may be.
Seems simple, right?
However, we need to remember that payments in cash are a lot different than receiving payments in credit or debit cards.
When you receive payments through credit cards, the payment actually goes to a series of other transactions and steps, until you get to make your profit.
Even more significant is the fact that most credit and debit card transactions nowadays (if done without the appropriate payment processor) will be handled DIRECTLY by the bank. And we know how financial institutions like to squeeze as much money as they can from us simple business folks.
Now, let’s do the math: Payment (Gross Profit) less expensive credit card processing fees = Less Profit.
Simply put—if you aren’t careful (and if you don’t get the right help), these so called “processing fees” may end up eating a lot of your hard earned profits.
And considering how hard it is to run a business nowadays, those “minimal” fees (as claimed by the banks) will eventually have a big effect on your business.
Unfortunately, that’s not the end of the story yet...
The tale of the business that cried: “credit card fraud!”
We’ve all heard about how hackers have breached millions of computers, tablets and mobile phones all over the world—and how they used the information they gathered from their hacking “spree” to make fake purchases from various stores and establishments.
Here’s a note: Back then, when stores or establishments inadvertently accepted payments from stolen or fraudulent credit cards—it was the bank or financial institution that issued the card who’ll be made liable for the unauthorized payments.
Eventually (and after billions worth of losses due to stolen and counterfeit cards), a new standard was introduced: the EMV (also known as the EuroPay, MasterCard and Visa) for small businesses.
With this new innovation, businesses are now required to procure special EMV readers to help prevent credit card fraud.
Now, here’s the catch: If you are a small business without the necessary EMV reader—and you accept payments from a counterfeit or stolen credit card—you are the one who will bear the loss for such transaction (and not the bank that issued the card!).
Please note that this policy has already been put in effect since October 1, 2015. So, you better comply before things get any worse (and more expensive) for your business.
Question: How do we protect our businesses from these problems?
The answer: Get a credit card processing company to help you out.
Credit card payment processors (like RedFynn) have a working knowledge of how the system works. With our help, you get to minimize having to directly transact with banks (and their hidden fees). And more importantly, you get to protect yourself from credit card fraud, and its potentially business-killing consequences.
Now you might be wondering: Are RedFynn’s services for free?
Unfortunately, the answer is no. However, if you just consider our A+ ranking (please see Better Business Bureau’s website) and unquestionable expertise and experience in the field—you can honestly say that paying for our credit card processing fees are indeed a worthwhile investment.
Plus, we promise to beat any other company’s fees. Yep, RedFynn guarantees the lowest payment processing fees to retain your business because we like to have lifelong relationships.
Interested in making your business more secure? Call us now at (888) 510-9871.