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

quite expensive.

 

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:

 

  1.  Business type
  2.  Chargeback ratio
  3.  Monthly transaction volume
  4.  Average ticket
  5.  Processing amount
  6.  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.