7 ways to save money on merchant service fees
TRANSCRIPT
![Page 1: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/1.jpg)
7 WAYSTo Save Money On
Merchant Service Fees
![Page 2: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/2.jpg)
1Understand that Merchant
Accounts and Gateways are Different
![Page 3: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/3.jpg)
Merchant Account
An online bank account that allows a business to accept payments by debit or credit cards.
Payment Gateway
An application service provider that authorizes transactions and processes payments.
![Page 4: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/4.jpg)
Some companies sell…
Merchant Accounts ONLY OR
Gateways ONLY
![Page 5: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/5.jpg)
Save time, hassle and money… Do business with a company that does both.
Merchant Account AND
Payment Gateway
![Page 6: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/6.jpg)
2Make Sure You’re PCI
Compliant
![Page 7: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/7.jpg)
If your business accepts credit cards as a form of payment…
PCI compliance is a set of security standards that
protects credit card information.
You MUST BE PCI compliant.
![Page 8: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/8.jpg)
How Do I Become PCI Compliant?
1. Complete a SAQ self-assessment questionnaire
2. Pass a PCI security scan3. Ensure credit card data security
![Page 9: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/9.jpg)
Did You Know?
There is a FINE imposed for NOT being PCI compliant.
Can your business afford to pay up to $100,000 per month in fees?
![Page 10: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/10.jpg)
If your merchant service provider has NOT tried to get you PCI
certified, just say…
![Page 11: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/11.jpg)
![Page 12: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/12.jpg)
3Use a Merchant Services
Specialist,Not a Bank
![Page 13: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/13.jpg)
1. Banks don’t always provide their own merchant services. They often contract out to a third party.
2. Banks sometimes charge you for the additional money to hand your business to someone else.
![Page 14: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/14.jpg)
Avoid the middle-man Choose a company that can provide the
specialized merchant services you need:
• Payment Processing
• Payment Solutions
• PCI Compliance
• In-house Support
• Chargeback Management
![Page 15: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/15.jpg)
4Require Personalized Service
![Page 16: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/16.jpg)
This is a business partner who is handling your money.
If their idea of customer service is an outsourced phone number or email address, then STOP and say no thank you!
![Page 17: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/17.jpg)
5Choose The Right Solution For
Your Needs
![Page 18: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/18.jpg)
Find a provider that can do it all.
24/7 In-House Customer Support
Reliable Relationship Manager
No Contracts Secure Payment Gateway
Integrated Payment Solutions
Chargeback Management
![Page 19: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/19.jpg)
Choosing the right solution simplifies business drastically…
…it also cuts out the ability for different companies to start pointing fingers at one another.
![Page 20: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/20.jpg)
6Choose Flat Rate Pricing, Not
Tiered Pricing
![Page 21: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/21.jpg)
Before you sign anything, make sure your provider is offering flat rate pricing. This ensures you will not pay any hidden fees.
![Page 22: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/22.jpg)
Tiered Pricing is a red flag!
Stay away from rounding.Most companies will round in their favor not yours.
With tiered pricing, processors can choose which rates to charge you. Typically, they will choose the highest rates possible.
![Page 23: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/23.jpg)
Interchange Plus Pricing offers fixed rates. You’ll know exactly what you’re paying.
No Hidden Fees!
Say YES to Interchange Plus Pricing!
![Page 24: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/24.jpg)
7Watch For Small Additional
Fees
![Page 25: 7 Ways To Save Money On Merchant Service Fees](https://reader036.vdocument.in/reader036/viewer/2022070513/588705f71a28ab4e3a8b71f9/html5/thumbnails/25.jpg)
Application/Sign up feesLong term contractsInstallation/upgrade/support feesMonthly minimumsMinimum transaction sizeMonthly maintenance fees
Ask about these services and fees…