Cost Saving for Small Business
One particular cost of growing concern is the acceptance of credit cards. According to David Robertson, the publisher of The Nilson Report, "merchants paid $$62.7 billion in 'swipe fees' in 2008." How much of that does your company contribute?
Being informed about different alternatives can add up to big savings.
One retailer was paying $50 a month to lease their card machine for a two year period. Rather than renting, a card machine could have been purchased for half the total rental.
There is a tremendous amount of competition in the industry. We encourage you to shop for better processing fees as the cost savings add up quickly.
These are a few other ways you may find will minimize your credit card fee expenses:
1) Opt for online statements to save monthly statement fees
2) Ask for monthly service fees and/or membership fees to be dropped
3) Request "interchange-plus" credit card processing plans if you usually sell small-ticket items
4) Take the time to prepare your own certification work if banks charge you for certifying you meet security requirements
If you have any questions regarding this topic, or would like help finding other efficiencies in your business, contact Mike Mesch at mmesch@tld-inc.com.
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