Was it too good to be true or simply a gimmick to hook small businesses? Well, whatever
the answer the party came to a screeching stop with Square Up’s Credit Card Processing
Service cancelling the flat rates that had sought to revolutionize this industry. Now it is
back to the old exorbitant rates that the Entrepreneurship Organization (EO) blames for
over 39% of business fails.
A Case for Flat Rates in Credit Card Processing
As a business owner you appreciate the role credit card processing services play in your
business. With over 99% of sales are now done using plastics it means you have to process
these payments by integrating your Pont of Sale (POS) to the best processing company.
The problem comes in selecting the best because most of them indeed have high rates. It is
against this background that Square Up’s entry into the market with came as a relief for
business owners. With flat rates gone it means the company has adopted the ‘per swipe’
fee and a higher rate if you enter a transaction manually.
With discontinuation of the flat rate pricing of $275 per month with some restrictions
Square has now joined other expensive processing company. The fixed swipe rate of 2.75%
of volume or the 3.5% of volume for keyed fees where the card is not present makes it
Reducing the Cost of Card Processing
The case of Square is just a sample of what happens in an industry where the customer in
this case your business has no voice. A report on Wall Street Journal shows that over 87%
of retail entrepreneurs decry the high cost of credit card processing as prohibitive.
In essence, you need to look for an alternative that will help reduce cost of accepting
credit cards because these high rates essentially stung growth. This is where an
established financial expert comes in. PYMNT Advisors has been in this industry for years
working with partners such as Forbes, the Wall Street Journal among others.
Through a simple process these advisors are able to analyze your statement and identify
the best credit card processing firm for you. When you visit http://pymntadvisors.com/
you just need to submit your statement which will be analyzed at no cost before getting
feedback on the most suitable processor.
This analysis entails key aspects such as:
- Business type
- Chargeback ratio
- Monthly transaction volume
- Average ticket
- Processing amount
- Percentage of cars swiped vs. manually keyed.
There are many other credit card processing services out there ready to reduce cost of
accepting credit cards for businesses but doing research is both arduous and time
consuming. With a financial partner doing this part for you the process becomes easier to
handle. Other companies that are in the game include PayPal, EMS, Intuit, Flagship
Merchant Services, Amazon Local register, BluePay among many others.
Are you ready to start reaping from your increasing sales volumes? It is time to link up with
a financial advisor to help you identify a credit card processing service that is compatible
with your business.