It’s good to switch your credit card processing company
We have learned that SMEs who study and evaluate their expenses do much better. Now this may not come as any surprise to you, but it is surprising how many small businesses fail to examine these things on a frequent basis. Several businesses get larger and workloads end up being greater, and this is all really good news, but if you actually stop for a moment and check exactly what your company is spending you could potentially boost your profits substantially more.
Check your card processing provider
An area you want to concentrate on is card processing fees. This is too often a factor in almost every company that merely gets sidestepped because it’s viewed as insignificant; as long as the payments are arriving and they’re on time without any trouble, most companies are happy.
Nevertheless, if you stop to check out what you really are paying in merchant fees and also analyse and evaluate the degree of customer service you receive you might find that there are improvements that could be made. Everyone is paying for goods and services with their debit cards nowadays and what this means is that almost every retailer is using a bank or payment processor to take care of these payments. It will be important to not get too complacent as card processing becomes a standard component of organisation practice; it is as vital to check this as it is to check anything that maintains the easy functioning of your organisation.
Bank charges compared to independent company rates
Banks may be the ones that take the highest merchant fees from you since they tend to increase their rates more regularly than the smaller independent credit card processing companies. These independent companies can offer better rates because they specialise in SMEs, maintain a closer working relationship with them, and are able to provide better rates just through providing the banks with so much business.
These independent companies understand that smaller enterprises can often get lost with the banks, which tend to increase their fees across the board regardless of the size of company; what the larger businesses and corporations can afford in payment processing is not necessarily what the smaller ones can.
Here is a handy little checklist that will actually provide you with a good indication of what you are able get from a credit card processing company:
- Capped merchant fees for the duration of your contract
- 24hr customer support from UK call centres
- Emergency replacement of faulty or otherwise irreparable card terminals
- Consistently low card processing fees
If you are getting all of this and a good rate then you have got it all sorted out, but if you aren’t getting any of the above then you really could do with searching for a better provider. It is really worth the time to make a few phone calls to several providers just to see if they can better the deal you are already getting.
How simple is it to switch?
It is very easy indeed if you get the right card processing company, and in many cases they are able to have you up and running in a matter of days. Most of them will also allow you to keep the same business bank account and send your payments directly there. There is very little to change really. The best course of action is to call an independent payment processor directly and give them an outline of your organisation and what you are paying at the moment. It does not take long to call and you could save a lot of money in the long run.
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