27 Oct Three Ways To Limit Credit Card Processing Gateway Fees
Gateway fees are the price of e-commerce in the new millennium. Gateway credit card processing companies, sometimes known as payment processors, are literally the gateway between a great business idea and a great business; the ability to accept payments through credit card processing is what turns dreams into realities and payment processors set up the physical interfaces that let that happen. These interfaces can be either hardware, for example, a card swipe machine, or virtual, as in electronic card-input mobile phone applications and internet-based checkouts. Payment processors sift through hundreds of rules, transaction charges and fees charged by credit card companies themselves and both issuing and accepting banks to provide each individual client with a reasonable, predictable fee.
Pooling transactions from many businesses give credit card processing firms more negotiating leverage, hence gateway fees from card processing companies are often lower than any individual client could negotiate separately. Moreover, these card processing companies free client businesses from diverting valuable resources to deciphering the rates and tier systems of each credit card, identifying and negotiating with each player in every individual credit card transaction, setting up merchant accounts and sourcing secure processing software enabling businesses to focus on the true mission of their business.
To get the most from a card processing company and limit gateway fees, source a company that provides a flexible and comprehensive service. It should provide several hardware options so cards processing happens not only in brick and mortar settings, but also on the go, with mobile technology. A business can process cards wherever and whenever, such as trade shows and other promotional forums. A delayed purchase often is a lost sale, especially at shows, so the ability to generate both leads and actual dollar sales from these venues augments any bottom line. Since most businesses have a web presence, and Internet or virtual stores are a natural extension, card-processing needs to be both secure and be able to handle international payments.
The next consideration is whether a processing company is dedicated to low gateway fees from charging the lowest card processing rates to waiving extraneous charges such as application fees and special setup fees typically charged by card companies like Discover and American Express. Finally and perhaps most importantly, look for a card processing company that understands the value of time in the business world. Look for quick approval of new client applications, next day deposits and ample customer and technical support. Cost savings from quick and efficient resolution of transactions add to the bottom line.
An excellent credit card processing company protects clients by providing comprehensive merchant fraud protection and ways to collect and manage that sales and transaction information online to accurately track costs.