Many merchants have discovered that they can lower credit card processing fees by utilizing their own processes. The following are three tricks to lower the fees of your credit card processing to save money.
Know Your Order: You need to know the order in which you are placing your order and know what is coming before it is shipped. You should know where you will get the merchandise, how much it will cost, and what type of retail store it will be in. You need to know this information before the order comes in so that you can prepare your goods for shipping and having them shipped to the proper address.
Ship It Directly to the Shipment Company: You need to ship to the shipping company directly. This will cut down on the fees for this. It can also help reduce the number of returns you have to deal with, since there will be no return address verification for you to worry about.
Make Sure That Your Books Always Reflect Your Current State of Finances: You must always make sure that your books reflect your current state of finances. You must have the right statement of accounts so that you can correctly calculate your revenues. This will give you an accurate accounting of the sale and account for all of your financial transactions so that you can keep track of your business activities.
Pay For Goods and Services As You Get Them: Many times you are paying for goods and services when you get them to your store, but you may not realize it. You can keep track of the charge yourself. You can also have the payments come into your store, since you already have the items on hand.
Use a Cash Register that doesn’t Look Like A Cash Register: If you are paying with cash, you should be able to use a register that looks like a cash register. This will reduce the amount of fraud that you have to deal with. Even if you use a cash register, however, you can still use security precautions to keep unauthorized parties from stealing your credit card information.
Keep Track of Your Credit Card Processing: You need to be able to easily keep track of your credit card processing. You should be able to easily make your payments and get your charges against your ledger. This will make it easier to keep track of all of your transactions, as well as keep your financial records organized.
Appreciate the Tax Deduction: You can lower your credit card processing fees by taking advantage of the tax deduction that you can get. This is usually based on a percentage of your payments, so you have to be certain that you are doing something to lower your payments. Your tax deductions may be very different from others in your community, so you need to be sure that you are taking advantage of every opportunity that you can find.
Have your Accounts Payroll Deductible: Since many people receive commissions for offering credit card processing, you can often get a credit card processing deduction on your taxes. These deductions are based on a percentage of the commission that you would otherwise pay for the sales that you are getting. You can generally get these deductions for all of your accounts, so make sure that you are getting all of them.
Keep Track of Your Credit Card Processing: You need to keep a record of all of your credit card processing to make sure that you are not running into any problems later on. You need to make sure that you are paying your accounts properly to avoid any problems down the road. The better track record you have with your accounts, the better off you will be when you do need to file a claim.
You Can Locate the Rate Once You Get it: You need to know how your rate is going to be every month, so you can get it before you get your invoice. You should get the rate for the entire billing cycle of each month so that you can get a good idea of what your rates are going to be each month.
There are many ways to lower credit card processing fees. You just need to know the tricks to lower the costs of running your business.