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If you are looking to cut company spending, have you considered reviewing your merchant account statement? While completely eliminating credit card processing fees is a non-starter, reducing them is a valid option that many companies and accounting departments are simply unaware of. Three things your company can do today to immediately lower your credit card processing fees are listed below.

1. Speak With Your Current Processor

Reducing the interchange rate even a few points can have a major impact on the company’s year-end totals. Speak to your current processor to request a “Rate Review”. Processors profit from higher rates and are unlikely to let you know when your current rate is above the industry benchmark. If they are encouraged to perform a rate review, they may end up shaving off a few basis points to maintain your business.

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When it comes to doing business, most companies factor into their spending plan a number of unavoidable fees. One of which is often their merchant account fees. It’s set aside, unassessed, and assumed that this fee is a non-negotiable. But what companies should know is that these fees are in-fact not set in stone and could have a major impact on your yearly costs.

Master Merchant Account Statements To Decrease Company Spending

You cannot nix merchant account fees all-together. It’s only fair that the companies offering your customers such a seamless way to make transactions receive payment for the time and manpower required to process them. Unfortunately, they get a little greedy and have high hopes that you won’t notice.

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Credit cards have opened the door to many convenient business practices today. From online payments to simplified returns, there’s no way you can avoid offering this service to your customers. But perhaps you weren’t aware of just how convoluted those credit card processing fees might be? It’s much more complicated than a simple fee-for-service.

This modern sales convenience has something lurking in the closet. You saw him when you first signed up for your merchant account. He was sitting in the corner of the room, quiet, innocent, a little hairy and seemingly unavoidable. When you signed your contracts, you promised to let him hang around. But that monster didn’t stay quiet for long. He quickly became a noticeable disruption. He got hairier, stinkier, and louder.

That monster and all of his gross flaws are your Credit Card Processing Fees.

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