We’ve all heard the expression “If it ain’t broke, then don’t fix it”. While this may apply to some things, your merchant account is not one of them. Despite the reliability and effectiveness of your existing credit card processor, it might be time to take a closer look, especially if you haven’t done so in a number of years. The statement from your processor is probably one of the more complicated documents you’ll see. Unfortunately, this is not unintentional. After all, understanding something is critical in order to fully evaluate it. Charges are usually broken down into different types, depending on the nature of the cards submitted by your customers. These can range from corporate cards, to rewards cards, even to international ones and American Express. It’s important to familiarize yourself on how these card types are categorized and what that means to you in terms of rates for each one.
While it’s nearly impossible to control the types of cards your customers use, the information you can obtain in this area is invaluable in terms of researching new options. For instance, if you primarily sell business to business, then you’re likely looking at more credit cards of the corporate variety, as opposed to a smaller merchant who may be selling exclusively to consumers, or one that has a large international customer base. It comes as no surprise that most merchant account providers advertise their lowest possible rates, so, for the reasons above, it’s important to fully analyze what types of cards those rates pertain to and equally as important, which type you most frequently process.
It’s never too soon to explore new options when it comes to credit card processing and if it’s been years or you don’t remember the last time you did, then now is a great time since the holidays have passed. One of Nexternal’s partners offers a no-obligation cost analysis. For those that are interested, simply fill out this form to see how you can save on credit card processing right away.