Negotiate with Your Payment Processor


Getting a Good Payment Processing Deal

Photo by bellBell Ella Boutique

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Just starting with your local business? You may believe you can’t get wonderful credit card processing fees, but that’s where you’re incorrect. By following these easy ideas, you’ll have the ability to obtain credit card processing prices that make the huge companies envious.

1. Contracts: Simply Say Never!

No one likes to be stuck in a contract, from cell phone contracts to credit card processing contracts. Contracts are not mandatory or required. This is especially true contracts with cancellation fees. Your payment processor will try to put you into a contract. But just tell them no and go shop for another payment processor. Reputable payment processors will be eager to earn your business. You’ll need to sign some kind of document. But it’s easy to simply ask the payment processor to waive all cancellation fees and waive any penalties if you end the contract. We always recommend that read everything before you sign it. Also have a legal professional such as an attorney read over the document to make sure it is correct and proper for you.


2. Find Cheap (or Free) Credit Card Terminals and Avoid Leases

Credit cards and EMV terminals are cheaper than you think.  Credit Card terminals are plastic and metal devices that read credit card magnetic stripes or EMV chips. Hopefully, you’ve decided to use to EMV chips because these are the most secure way to accept your customer’s  credit card payment.  You should be able to get a cheap terminal from your payment processor. This does not mean you need to sacrifice on features. Your terminal should, for example, accept all credit cards, Apple Pay, and any other NFC payment. On top of that it needs to be easy to setup and connect to your cash register.   If your processing company offers to include a credit card terminal in a contract, always make sure to read the fine print to see how much they’re charging you for it. You can always buy a terminal on But the better way is for you to get free or very cheap terminals from your payment processor. Also be sure to ask your payment processor to program your terminals for fee. A reputable payment processor is happy to do this because with purchases by your customers, your payment processor does not get paid.

3. Choose Interchange Plus

Interchange is the fee charged by the credit card companies. There is not much you can do about it. It’s generally the same for every business. However, you can make sure that your payment processor is not hiding a big markup on the interchange fee. You do this by asking the payment processor to give you interchange plus. In this pricing method you’ll see the interchange plus the small amount the payment processor charges as a separate fee.

4. Always Know Where Your Money Goes

Before you start looking for a good credit card processing rate, you need to do your research. They are a fixed credit card processing expense, and they’re the same for all processors.Assessments are also a series of fees and rates charged by Visa and MasterCard, and they are the same across the board.

5. Never Think Small!

Because you’re a small business doesn’t mean processing companies can treat you like one, just. Credit card processing rates are the same for all businesses, small or big, so don’t let them make you feel insignificant as a small business starting out. The bigger you think, the smaller your rates.