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Credit Card Processing for Small Business

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Credit Card Processing for Small Business

Credit Card Processing Buyers' Guide

The size of your company and the number of transactions you make will greatly influence the fees you can expect to accrue for processing credit card payments. A merchant services company will reduce their charges for companies which make high volumens of credit and debit card sales, leaving credit card processing for small business an inherently more expensive proposition. However, the small business owner who goes into the negotiation process with an awareness of what's available and how the charges work is in a better position to get a good deal. (See the previous section of this Buyers' Guide - credit card processing costs - for more info).

Low Volume Credit Card Sales

If you expect to have fairly modest credit card sales (say less than 1,000 per month), you're unlikely to convince the credit card processing companies to reduce their percentage fees per transaction. Instead, try to negotiate lower set-up and monthly fees.

High Volume Credit Card Sales

If you anticipate making a high volume of credit card sales you're in a strong position to negotiate lower percentage transaction fees. If a credit card processing company is still reluctant to move from its original quotes then ask what your volume of sales needs to be before the company is ready to discuss the level of the charges.

Also remember that you should have a contract that enables you to benefit from lower feesin the event that your volume of credit card sales increases.

Forecasting Sales for the Credit Card Processing Companies

Credit card processing companies may ask you to retain a certain amount of money based on your projected sales. They'll want you to place this money in a special account to allow for fraudulent transactions. This may tempt you to forecast a low level of monthly sales - but you'll need to balance this against using the genuine higher sales forecast to drive down the processing fees.

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