You wouldn’t buy a house or car without negotiating the price and terms of the loan, would you? Then why wouldn’t you do the same for your business’ credit card payment contract?
In a recent article published in The Kansas City Business Journal, MSP partners Steve Beene, Mike Higgins and Pat O’Boyle warned business owners against paying more fees than necessary for credit card processing. In fact, while you might assume everyone pays the same amount, that’s not the case at all.
“The reality is there are different levers we can work with to really reduce costs that businesses pay for accepting credit and debit cards and optimizing their programs,” Higgins said in the article. “There really is a general lack of understanding in this space. So we spend a lot of our energy focused on educating our customers so they can have a clear understanding and some facts to make better business decisions.”
On average, MSP’s solutions reduce card processing costs by 25 percent, resulting in significant savings to a business’ bottom line. In addition, O’Boyle encouraged entrepreneurs to understand the components making up the fees and to be diligent when setting up a payment system (e.g. ask for a month-to-month contract and beware of punitive terms).
Click here to read the full article.