In our on going commitment to reduce expenses, can anyone recommend how to reduce credit card fees. Seventy (70) percent of our sales is credit cards?
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Credit card fees
- Thread starter lb60605
- Start date
JLanman
Active member
Besides partnering with the right processor to get the best rates; incorporating options to raise your average ticket would be next. The fixed costs get diluted the higher the ticket. If like most, you should notice that there are flat transaction fees, meaning no matter how large the purchase, you pay a flat fee to process. The higher the sale, the more diluted these flat fees become therefore reducing the percentage impact on that transaction. Things like fleet accounts, memberships, etc... can help raise your average ticket. At least this has been what we have seen. Hope that helps.
I had GREAT success using a website called Cardfellow.com . I'm not connected with them in any way....except as a happy user.
Cardfellow solicits bids from various merchant account providers. If you use one of their "bids" (for your business), the merchant provider....not you as the merchant.....pays Cardfellow a small percentage.
The provider they found for me has been outstanding. CF also provides an auditing function. Once or twice a year...I ask them to make sure I'm paying the best price. They also make sure that the Merchant services provider is charging you only what was quoted.
Cardfellow solicits bids from various merchant account providers. If you use one of their "bids" (for your business), the merchant provider....not you as the merchant.....pays Cardfellow a small percentage.
The provider they found for me has been outstanding. CF also provides an auditing function. Once or twice a year...I ask them to make sure I'm paying the best price. They also make sure that the Merchant services provider is charging you only what was quoted.
DakotaHoskins
Active member
If you are close to KY you need to talk to Merchants Pact. They are located in Louisville. Jermey Crick is the expect when it comes to credit cards. You pay them $300 yearly to take care of cards. They were able to cut our fees by more than half. Also monitor monthly statements for fees that have been added that you shouldn’t be paying for. (502) 418-1844 Tell him Dakota sent you.