Copyright © 2012 by: Scott Einiger, Esq. — All Media Rights Reserved
Businesses that accept credit, debit, or charge card payments create a convenience for consumers that pay for their goods or services. U.S. statistics show that one third of customers use credit as their primary method of payment in purchasing. Within this transaction, there are various charges that can decrease the actual fee received by a business as well delay receipt of payment. This will reduce profitability and operational revenue for the business. But business owners that spend a little time educating themselves about bank rates, and who is processing their transactions, can find gold in plastic. That’s where a company like Charge Card Savings.com can come in and literally…find hidden gold in plastic!
Knowing which company is processing your credit card payments is essential to ensure quality and savings. As an example First Data, a Fortune 50 company, handles merchant processing for 66% of the credit card transactions in the country. Do you know who your merchant processing company is associated with?
Known as Independent Service Organizations (ISO) these companies process the credit or other charge card payments and earn money by charging a transaction fee. ISO’s are paid a fee above the bank or discount rate that is set. The bank or discount rate is the percentage the bank charges (as per American Express, Visa or MasterCard for example). Each ISO has rates that are variable; so becoming educated is key to receiving better rates.
Processing Fees are the costs charged by banks or processors for swiping credit cards. This is where the negotiating and savings come in.
All banks are required to have at least three rate structures for credit card processing:
1) retail face to face processing are usually the lowest
2) phone, mail and Internet rates
3) imprinted or phone authorized rates
Depending on the type of charge card used, different transactional costs are applied. It is very important for each business to correctly classify the way it accepts charge card payments to achieve the best rate structure. Whether through sophisticated online credit card payments or through swiping a credit card machine, this analysis is critical to obtain the best pricing.
Finding the best merchant processing services simply takes a little work and education. It’s 100% guaranteed savings at www.chargecardsavings.com and its simple to obtain. Go to our website and request a transparent free review of your current costs simply by emailing firstname.lastname@example.org.
You can help your own companies bottom line or become a subagent, referring other businesses to receive substantial savings and sharing a residual fee.
And if you are looking to earn extra money, refer a business to us and help them save money, plus share in the residual income derived. Simply go to the Referral Partners page at chargecardsavings.com, and sign up today!