3 Things You Should Know About Your Payment Processing Environment
Ignorance isn’t always bliss; particularly when it comes to your payment processing environment.
The truth is you could be missing out on big savings. There are also other advantages you didn’t know existed explains Joff Moine, CEO at i3 Merchant Solutions.
Learn the answer to these three questions to make sure you’re making the most of how you process payments.
#1 What’s Your Effective Rate?
“Many merchants aren’t aware of their effective rate, or what they’re paying to accept cards,” Joff says.
Calculate your effective rate by dividing your monthly processing fees by your monthly sales volume. It is important that business owners know how to calculate their effective rate, so they can understand better what they are paying for and are able to hold their payment processor accountable.
#2 How Efficient is Your Payment Processing Environment?
Whether you’re accepting payments at your location or offsite, there are a variety of ways to process payments and you want to work with a company that offers the solution that works for you. “It’s important to be aware of these options so you can pick the right solution–or a combination–that fits your business needs,” Joff explains.
If you’re processing with a standalone terminal, for example, consider using a virtual terminal so you can integrate your payment processing with your accounting or ERP software.
#3 Are You Benefiting from Level 3 and Large Ticket Savings?
When you provide Level 3 or Large Ticket data, it allows access to lower interchange rates from credit card companies, saving you up to 30-40% in the long-run, resulting in optimal savings.
Credit card networks give the lowest rates to companies that provide additional line-item detail on certain business and corporate card transactions. This supplemental information is passed to these card networks, which is why you are rewarded with reduced interchange rates.
Additionally, if you ever post transactions over a certain dollar amount, the card networks have specific Large Ticket interchange qualifications that reduce processing fees.
Let i3 Merchant Solutions Help Save You More:
Contact us online or call 1-877-875-6114 x3.
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