I wrote about this before, but it got buried in that much longer post with a boring title (very worthwhile read if your business accept credit cards). If you read this blog regularly you know that there are two parts of the credit card processing fees paid by businesses: interchange (goes to the card issuers) and the processor markup (goes to the processor).
Big and small businesses pay roughly the same interchange rates. However, according to the Philadelphia Federal Reserve, big businesses (red areas in the chart) pay a very small processor markup (0.04%) while small businesses (blue and yellow areas in the chart) pay a very large processor markup (1.29%).
If you are a business owner who is worried you are not getting a good deal FeeFighters can help you in two ways. First, you can try our credit card processing calculator, which is free and takes 2 minutes to see if you are getting a good deal. Second, shop for a new credit card processor using FeeFighters (takes 15-20 minutes), which is also free and carries no obligation to switch.
Choosing a processing company can be one of the hardest steps in getting your business off the ground. This guide will lead you through all aspects of the contract and help you negotiate the best possible deal therefore saving your business money. Check it out now!
Closing a merchant account is a process that all business owners should be familiar with. Go about it the wrong way and you could befit with fees, retained funds or other challenges. Fortunately, these are easily avoided with some tips and best practices. Keep reading and learn everything you need about this process.
Switching merchant services can be huge pain! Read our guide that will provide all you need to know to successfully switch merchant services in order to maximize your profits. Check it out now!