How Much Are You Actually Paying for Payment Processing?

helpful Processing fees are not simple, and often statements are designed to be confusing. Many merchants are overwhelmed when it comes to reviewing pricing and find it hard to know if they’re paying too much.

To provide better pricing knowledge and understanding, Veracity typically offers merchants a no-cost statement evaluation that pinpoints areas where charges may need to be re-evaluated. We produce a thorough comparison with our costs, showing where savings can be enhanced. In order to accommodate this confidential service, the Veracity consultant would need a copy of the merchant’s statement.

Statement analysis
The consultant will walk through your statement with you, looking at elements such as:

Types of transactions — card present or card not present, debit cards, and corporate cards all process differently.
The volume of your transactions.
The average amount of your transactions.
How you’re processing — whether you have a POS terminal or use a virtual terminal, and the software you use.
The information you collect during the transaction — if you pass zip code information along at the time of sale, you could pay less.

In fact, all of these factors affect the rates you pay.

One of the goals of every good sales consultant in payment processing should be to help you understand the cost structure so you can make informed decisions. Knowing the basics and the rate you are currently paying will help you better comparatively shop your options. But cost is just one piece of the puzzle.

Long-term relationship
The payments processing industry has grown exponentially in the past 10 years. There are hundreds of companies promising the best rates around. With so many processing companies operating, competitive rates may be easier to come by, but rates are just part of what you need to consider. Merchants must think long-term, forming a relationship with a provider who will help navigate their businesses through the changes and advancements in this ever-evolving industry. Good, trustworthy partners are out there. You must be willing to make the investment of time and effort to find those who can help you move your business forward with the right products, service, and flexibility to meet your needs.

[cta]Do you need to know the real cost of your payment processing? Contact us at 866-944-0055 or by email.[/cta]