5 Credit Card Processing Fees You Should NOT Be Paying

STOP THROWING YOUR MONEY OUT THE WINDOW!

Credit Card Fees

Courtesy of: “The Wolf Of Wall Street”

There…  It had to be said. I’m sorry if I was a little rough on you. It’s only because I care…really. 😉

But all joking aside… A lot of us are throwing our hard earned money away, every single month, because we’re not taking a few minutes out of our day to sit down and review our Credit Card Processing Statements.

 

At Ignite Payments – Menio Global, we are putting a stop to the practice of penalizing YOU for being bold enough to chase your own dream and run your own business. With that being said:

5 Credit Card Processing Fees You Should NOT Be Paying


1) Set-Up Fees 

So I see WHY some folks feel that they are obligated to pay a Set-Up Fee. But HOLD THE PHONE! You’re also signing up for a service, where the MSP (Merchant Service Provider) will be making cash off of your hard work, every single month, in processing fees. And honestly, most of the Merchant Services solutions you find that have Set-Up Fees, are also setting you up on some kind of Flat Rate with a “higher than it needs to be” Per Transaction fee. You know the ones…those 2.90% + $0.30/Transaction deals….Where you don’t actually know what % your paying over Interchange? Stop Paying Set-Up Fees For Convenience…Please. (Fees range anywhere from $25-$100 typically)


2) Monthly Customer Service Fees

If you’re current MSP is charging you a Customer Service Fee, they had better be doing something other than processing your transactions and taking their margin. If they aren’t…why are you paying it? Ask them to drop the Monthly Customer Service fees. If they say they can’t, give us a call. We’ll help take care of this unnecessary fee. (Fees range anywhere from $5-$25/Month typically)


3) Merchant Statement Fees

Somebody come here and stick a toothpick in my eyes. With the advent of electronic statements, I see ZERO reason why anybody should have to pay for a Merchant Statement. Yes – Most MSP’s will provide an “Opt-In” option for delivery of an electronic statement that would in turn, waive the fee…but why have one in the first place? WHY? The least we can do is provide you with YOUR OWN PROCESSING STATEMENTS so we can show you HOW MUCH MONEY YOU’RE PAYING US, right? I’ll never understand this one. Here…please…just take your statement. It’s on us. Paper or Electronic…we don’t care…it’s yours! (Fees range anywhere from $5-$15/Month typically)


4) Monthly Minimum Fees

Let’s get into Monthly Minimum Fees, shall we? At Ignite Payments – Menio Global we don’t care if you’re processing $500/Month or $500,000/Month. We’re here to help you offer your customers every responsible manner of payment options as you, and more importantly, they, need. The more options you provide, the better your revenue potential is.

If an account is having trouble hitting a Minimum Processing number, WHY IN THE WORLD WOULD I PENALIZE THEM WITH AN ADDITIONAL FEE?! This has always made ZERO sense to me. Hey Mr. or Mrs. Client – I see you couldn’t process more than $1000 this month. Would you be so kind as to pay me an additional $30 this month, on top of the processing fees I’m already charging you? NO! Absolutely Not! This Fee Is An Embarrassment. The point of a business solution is to help a business to grow. Not hinder them. DO NOT PAY THIS FEE(Fees range anywhere from $15-$30/Month typically)

No Statement Fees

Dwight Gets It – Courtesy of: “The Office”


5) Non-Compliance Fees

If you’re paying a Non-Compliance Fee, every month, I’m going to chalk it up to poor customer service. The blame is ours, not yours. You’re in business to conduct YOUR business. Sometimes, there’s not enough time in the day for everything else. If you check your monthly statement, and see that you’re paying a Non-Compliance Fee, maybe it’s time to reach out to your MSP and ask them what you need to do to get compliant. You pay them every month. They can help you get there and cut that fee out of the equation. (Fees range anywhere from $15-30/Month typically)


Let’s Boil It Down…

When you’re not actually cutting a check for an expense, it can easily get lost in the shuffle. But the truth of the matter is, Credit Card Processing is an expense. It’s an existing line item for your business whether you’re writing a check to cover it or not.

Don’t let the fact that your relationship with your Merchant Account is primarily based on a DEPOSIT hitting your bank account. There are still fees and deductions coming out, every month. Don’t be blind to that fact.

We’ve identified just a handful of fees that you could try to eliminate, that would put some extra green in your business.  Just looking at some of the numbers, you could potentially save:

SAVE $25-$100 (Per Account/Location) In Set Up Fees

SAVE $40-$100 (Per Account/Location) EVERY MONTH In FLUFF Fees.

We hope this shed a little light for you, and we hope you’ll consider having us review your existing statements (For Free, of Course), to show you just how much your business could be saving every month, while transforming your MSP experience from Transaction…to Relational.

By | 2016-10-31T15:19:28+00:00 October 21st, 2016|Company News|0 Comments

About the Author:

Ignite Payments - Menio Global is an Independent Sales Agent for Ignite Payments. We leverage all of the tools and services of First Data, the first company to process for MasterCard and Visa. We search for every opportunity to help clients obtain more value from each transaction.

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