Cheapest Credit Card Processing

March 9, 2023 | Merchants | Dustin

If you own a small or well-established business, you know that in order to accept credit cards, a payment processing fee must be paid on every transaction. That’s why it’s so important for entrepreneurs to thoroughly search for the cheapest credit card processing possible.

Ways To Get Processing For Credit Cards

Finding the cheapest credit card processing can be daunting. However, knowing your card processing options and doing proper research on payment processors will help ease this essential part of business.

But, with all of the payment options available, how do you know how to get the cheapest card processing? The answer is in the details. Every individual payment processor has particular connections to banks and financial institutions.

Cheapest Online Payment Processing

These different relationships determine the available options for that particular online processor. They get specific rates and fee percentages from. As a result, payment gateway providers all assess what credit card processing rates they have access to.

Then the payment processing provider has to determine what rates and fees they are able to offer. Taking into account the margins to run the business as well as standard operations overhead, payroll, and other expenses, processors decide the best processing rates they can offer.

Affordable Ways To Accept Credit Cards

Sometimes it’s helpful to have a list to refer to when comparing important business decisions such as payment processing and the most affordable ways to accept credit cards. Here’s a checklist to utilize on your search for cheaper credit card processing:

• Always read every contract and policy. This will make sure you avoid any hidden fees.
• Avoid using your bank to process payments. Use a specific merchant account provider that specializes in your business’s particular industry.
• Determine how long the payment processor has been in business.
• Make sure the payment gateway provider offers personalized services.
• Find flat rate pricing options rather than tiered options.
• The payment gateway must be PCI Compliant.
• Ensure the processor has a proven track record of excellent customer service. Check the Better Business Bureau, which is a private, nonprofit organization focus on advancing marketplace trust by applying clear ratings to companies based on strict standards.

Cheap Processing Fees

Some processors get better rates for several different reasons. Therefore, getting cheap processing fees and rates can be determined by the processor’s relationship with the banking institution.

1. How long have the bank and payment processor been in partnership together?
2. How long has the payment processing provider been in business?
3. What is the range of business types the processor provides payment services to?
4. Does the processor provide payment processing to high risk merchants?

Cheapest Online Payment Processing

In addition to considerations of industry type (if a merchant is high risk) and business operating costs, payment processors heavily consider the amount of sales the merchant is doing. Significant month over month sales volume prove to the processors that your business has solid monetary value. Because of that business’s success, the processor will also succeed by receiving a determined percentage on the merchant’s sales.

Lastly, make sure to leverage your low risk or high risk business’s sales volume in order to reduce your payment processing rates and get the cheapest credit card processing. Contact the trusted payment experts at PayKings to make sure your business is getting the cheapest high risk payment processing for credit cards.