Whenever you accept credit cards from a customer for a purchase, as a retailer, you will be paying your bank for merchant fees for the transactions to go through. Normally, companies choose to have their bank set up a merchant account for them. These fees can be high for the company, and before long, their merchant fees can start to get too expensive for the company to handle. Whenever this is the case, you as an owner can call around to other banks asking what their rates are for their merchant accounts, and can simply change over quickly with another merchant. When your company is in the retail industry, every time a customer pays with a credit card, your company will get charged a fee for that transaction. Also, some credit cards have much higher fee due to them being a card not as widely used. You may consider asking your merchant what cards have higher rates and decide not to accept those types of cards as payment. Whateve the case, looking into other banks and calling around to find out what banks have lower fees are certainly well worth your time if your company can save $10,000.00 or more per year. Something good to look into if your merchant fees are getting too high.
Copyright Jeanine Pfeiffer