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Payment processing is a challenge many small businesses face. From being bitten by costly cancellation fees that were undisclosed by a payment processor, to being unaware of hidden fees charged when transactions are made, payment pitfalls are a headache and expense small businesses can do without.
Some of the most common of these pitfalls for merchants are:
Hidden Fees
Hidden fees, whereby a business signs up with a payment processor, oblivious to the hidden costs of doing business with them, can seriously hinder the profits of small businesses and merchants. It is Important the provider clarifies from the outset what the fees are for every type of transaction.
Cancellation Fees
Another common pitfall is the tendency for payment processors to refrain from disclosing their cancellation fees policy upfront. Processors can provide a poor service or increase rates, knowing the business will cancel the service and be forced to pay a cancellation fee.
Deceptively Low Initial Rates
It is not uncommon for merchants to be lured into signing a contract with a processor due to highly attractive low rates on transactions. Later the retailer discovers the low rates are confined to a very specific type of transaction or are only applicable for a short period.
Volume Commitments
One common way payment processors make their money is by charging merchants a percentage when every transaction is processed. In order to maximize profitability, some processors specify that a minimum volume of transactions must be met by the retailer in order to avoid the business having to pay higher discount rates and other charges.
Leasing as Opposed to Buying
Leasing equipment might seem attractive but can soon offset the savings that would be made by investing in buying card processing equipment from the offset.
How to Avoid These Pitfalls
CardConnect Alliance is committed to providing small businesses with fair and easy payment processing services and pricing, helping merchants avoid these expensive pitfalls.
The company provides a series of tools to ensure small businesses are equipped with the right payment processing services and solutions.
Rate Checker
One such tool is the Rate Checker feature. This simple-to-use calculator quickly and efficiently checks to see if switching to a new payment provider is worth it.
Businesses simply enter some information about their business and the Rate Checker will provide them with a free instant quote. The merchant can then review the offer and get in contact with CardConnect Alliance if they have any questions. If the business is happy with the quote, they can sign up with CardConnect Alliance and start reaping the rewards of more transparent payment processing prices and ongoing dedicated support.
Get Quote Service
By simply signing up to CardConnect Alliance, businesses can take advantage of the company’s free Get Quote service. They only have to enter their business type and the state they are located in, inform CardConnect Alliance about their needs, and then sign up to view their quote.
Avoid Cancellation and Hidden Fees
By incorporating the latest card processing technology, CardConnect Alliance provides competitive rates and first-rate support, without any cancellation or hidden fees that can potentially cripple a small business.
CardConnect Alliance is dedicated at overcoming cancellation fee issues within contracts by ensuring businesses have the right payment solutions for their individual situations and requirements.
Processor Evaluation Form
It is in every small business owner’s interest to have the lowest card credit processing fees available. Hefty fees result in a significant loss of income as a large chunk is taken out of monthly profits.
This is why it is important small businesses find the most transparent card processing service with the lowest fees possible. By using CardConnect Alliance’s Processor Evaluation Form, small businesses can find a service best suited for them, which will help them make more profit in the long-term.
By providing full disclosure and transparency on payment processing rates, businesses avoid costly processing pitfalls, such as hefty payment volume commitments, unscrupulous cancellation charges and other hidden fees.
This means businesses save money and get to keep more of their hard-earned profits. When a business signs up with CardConnect Alliance, they receive ongoing assistance from a dedicated business consultant. The experienced consultant provides aide and support whenever the merchant requires it.
CardConnect Alliance provides businesses with simple to understand payment processing services to ensure they have the right services for their needs. This allows them get on with doing what they do best at, growing their businesses.
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This article, “Avoid Payment Pitfalls with CardConnect Alliance” was first published on Small Business Trends