• Home
  • About Us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
7 June Wednesday, 2023
TurkishNY Radio
  • Home
  • Business
  • Economy
  • Cryptocurrency
No Result
View All Result
  • Home
  • Business
  • Economy
  • Cryptocurrency
No Result
View All Result
TurkishNY Radio
No Result
View All Result
Home Economy

Eliminating Credit Card Processing Fees in 2023

Gezim Osmani by Gezim Osmani
16 May 2023
in Economy
Reading Time: 3 mins read
0
Eliminating-Credit-Card-Processing-Fees-in-2023

Credit card processing fees are the bane of some people’s existence. Yes, I am exaggerating a little bit but let’s face it, it is annoying as hell. But is there a way to offset credit card processing fees? Here, I will try to explain everything you need to get rid of this dastardly thing. Let’s begin.

First, Let’s Talk About Credit Card Processing Fees

A credit card processing fee, or sometimes it is called a discount fee or interchange fee, is an additional fee that payment processors or banks demand to cover the transaction processing fees. Sound simple enough, is it? Well the reason behind this fee is when you purchase something using your card, the transaction goes through several steps.

YOU MAY BE INTERESTED

Koinly-vs-TaxBit-A-Detailed-2023-Comparison

Koinly vs . TaxBit: A Detailed 2023 Comparison

5 June 2023
Turkey's-Earthquake-Aftermath-Assessing-the-Economic-Impact-and-Road-to-Recovery-2

Turkey’s Earthquake Aftermath: Assessing the Economic Impact and Road to Recovery

4 June 2023

This fee is often a percentage of the transaction but it can sometimes be a flat fee. This fee is used to maintain and fund the infrastructure and services needed for the payment process. Thanks to this fee, fraud prevention, monitoring and customer support can be offered to you by these companies. So you might think it is a little bit necessary but you can thank this fee that you pay for those nice people in customer service.

The specific amount you pay depends on several factors like the card used, the merchant’s industry, volume of transactions and the agreement between the merchant and payment processor. Usually, merchants pay the cost. But sometimes they reflect those fees to customers without you even realizing.

A quick reminder: This fee is different from other fees that you might encounter like statement fees, monthly minimums, chargebacks or terminal rental fees. 

Eliminating-Credit-Card-Processing-Fees-in-2023-2

Back to the Question: How to Offset Credit Card Processing Fees?

The thing is, like Thanos, these fees are inevitable. But you can often negotiate with the company to make them a little bit less annoying. You might try talking to your processor company and get the best deal that they can come up with. Trying to explain that with the high volumes of transactions you aim for, they can still get a good deal out of your business. 

Also, you might add your own security measures to lower the risk of credit card fraud. Most of the time, these companies demand higher fees if you are susceptible to fraud. You can use a swiping method instead of inserting the credit card number by hand. Or you can demand some extra info from your customers to increase their security. Zip codes and security codes are two great options to require. 

Additionally, you can lower your processing fees by setting up your account correctly. If you don’t provide some critical information like your business and transaction types and frequency of those transactions correctly, you might have to pay some extra fees. Here’s another big tip: Process your transactions every day. It is usually cheaper to do it daily. 

It is always a good idea to consult an expert and I am, unfortunately, not considered an expert. Most smaller business owners don’t know anything about credit card processing. But here’s a great tip that could save your bacon when you negotiate with a processing company: All of those companies have to buy their rates directly from Mastercard, Visa, Discover and similar companies. So they can add some profit to those rates and sell it back to you. That means, you can always try to negotiate with those guys. 

Let’s Wrap It Up

  All in all, you cannot escape from these annoying little fees. Yet, there are a couple of things you can do to make them less annoying. You can try to negotiate, increase your security measures, set up your account correctly and get some external help when negotiating. If you are running a business and want to increase your profits without bothering your customers, you can instead bother these processing companies with these tips to get the best deal. Good luck! See you next time. 

It may get your attention:

Untangling the Truth: Do Hasidic Jews Pay Taxes?

2023 Income Inequality: What Percentage of the Population Makes Over $300K?

Untangling the Truth: Do Hasidic Jews Pay Taxes?

ShareTweetSharePinSend
Previous Post

RIF Coin Weekly Analysis And Price Prediction

Next Post

How Long Does It Take for a Car Loan to Raise Credit Score?

Gezim Osmani

Gezim Osmani

Senior Journalist, Content editor Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry. My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances. In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me. When I'm not working or taking photos, I also enjoy hiking and spending time in nature. There's something about being outside and surrounded by natural beauty that brings me peace and clarity. I also love to read, and I'm always seeking out new books and articles to expand my knowledge. Overall, I'm driven by a desire to help people understand the complex world of finance and technology. Through my writing, photography, and other pursuits, I'm committed to creating content that inspires and informs my readers. I believe that everyone has the potential to achieve financial success, and I'm here to help them along the way. I would love to connect and see how we can work together to shape the future of crypto anf fintech. Let's connect and see where our shared interests and expertise can take us!

SIMILAR NEWS

Koinly-vs-TaxBit-A-Detailed-2023-Comparison
Economy

Koinly vs . TaxBit: A Detailed 2023 Comparison

5 June 2023
Turkey's-Earthquake-Aftermath-Assessing-the-Economic-Impact-and-Road-to-Recovery-2
Economy

Turkey’s Earthquake Aftermath: Assessing the Economic Impact and Road to Recovery

4 June 2023
Life-Insurance-vs-Annuity-Understanding-the-Key-Differences-2
Economy

Life Insurance vs Annuity: Understanding the Key Differences

2 June 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NEWS FEED

Rabby-Wallet-Your-Ethereum-Compatible-Wallet-Alternative
Cryptocurrency

Rabby Wallet: Your Ethereum-Compatible Wallet Alternative

7 June 2023
Binance-Facial-Verification-Troubleshooting-Guide-for-Failed-or-Not-Working-Issues-2
Cryptocurrency

Binance Facial Verification: Troubleshooting Guide for Failed or Not Working Issues

5 June 2023
Best-Crypto-Exchange-in-the-UK-for-2023-Crypto-Landscape
Cryptocurrency

Best Crypto Exchange in the UK for 2023: Crypto Landscape

5 June 2023
Koinly-vs-TaxBit-A-Detailed-2023-Comparison
Economy

Koinly vs . TaxBit: A Detailed 2023 Comparison

5 June 2023
DMCA
PROTECTED
TurkishNY Radio

Site Navigation

  • Home
  • About Us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact

TurkishNY Radio

No Result
View All Result
  • Home
  • Business
  • Economy
  • Cryptocurrency

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.