In the marketplace today the use of credit cards by consumers is more prevalent than ever. With this type of technology businesses have to process credit and debit cards to stay abreast of this new way of paying. Many vendors and commercial machinery businesses now offer some kind of scanning equipment on their vending and service machines. You can even use a credit or debit card to purchase a snack or a drink from a vending machine these days. With the processing of credit cards in your laundromat will come credit card processing fees. These fees are what credit card companies charge you for processing the transaction. This can seem overwhelming, but you need to do your research so that you are aware of the amount of the associated fees when you sign up with the company. If you need a vended dryer or commercial washer in Greenville, SC, call T & L today for help saving time and money.
To decide if this is a good business move for you there are a couple of things you need to know. The first is that you must get approved for a merchant account. This means also choosing what credit card processing company will work for you. There are many options today. You need to do some research and investigation to find the right fit for your laundromat. A good idea is to talk to any business owners you know and see what their experience has been. Ask about the fees they pay. They may also have good advice on which companies to look out for.
Another thing to keep in mind is the amount of business you will do that is paid for with credit cards. Although it will seem you have lots of options when it comes to credit card processors each has its own vendor requirements. One issue is revenue generated. Companies look at the amount of revenue your laundromat generates on a monthly basis. If they feel you do not have enough money coming in they may reject your application.
Fees are applied in different ways. All companies will tell you that these fees may vary. Some to look for are:
- Transaction fees
- Statement fees
- Average discount rates fee
- Address verification fees
- Payment gateway fee
- Monthly minimum fee
On the average you can expect fees of 1.5%-2.9% if the credit card is swiped at the machine. If you must key in the credit card information the fee can be 3.5% as this is an added risk. If your transactions will be $5.00 or less then your fees may also be higher.
Finding just the right processor for your laundromat can be tricky. The right one will have modest processing or markup fees. A bad one will cost you way too much money in fees and you may be stuck with them for years. This is why it is important to do your homework before signing up with any credit card processing company!
Vended Dryer or Commercial Washer in Greenville, SC
Are you in the market for vended laundry equipment dealers in SC? Give us a call at T & L today. We are available to help you with your plans. We know how to help you choose the right commercial washers and dryers for your business’ needs. T & L has been in operation for 40 years. Within that time, we've worked hard to offer the best machines for the best prices. We believe in our products and are excited to share them with you. The benefits you’ll gain from trusting our washers and dryers are incomparable.
