Last post we began looking at credit cards as a way of paying for goods and services. We all know that a lot of people have become “cashless” in this modern society. Payment by plastic has become the norm. This means all businesses, large and small, have had to adapt. Adapting is not always as easy as one might think. To decide if this is a good business move for you there are a couple of things you need to know. Searching for reliable Speed Queen and Continental Girbau dealers in North Carolina? Call T & L today for a free quote.
- 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 of these to choose from today.
- You need to do some research and investigation to find the right fit for your laundromat. It's a good idea to talk to any business owners you know and see what their experience has been.
- Specifically ask about the fees they pay. They may also have good advice on which companies to look out for.
Credit card processing fees can be expensive. Not all companies operate the same way. A good company will charge minimal markup fees and modest processing fees. Others may charge more than you would expect. There are some ways to save on these credit card processing fees. You cannot completely eliminate the fees, but you can find some ways to cut them down.
One of the best ways to save on fees is to be sure you swipe as many credit cards as possible. Swiping a card has a fee of 1.5% to 2.5%. If the card is keyed in the fee can go up to 3.5%. This is because keyed in cards are a fraud risk. Modern card processors offer the latest in microprocessor technology. This reduces the security risks and lowers the costs to you.
When you set up your account and place the terminals in your laundromat make certain that they have been set up properly. How the terminal is setup initially can impact the fee structure of the account. To save on those high fees make it a priority to batch process your terminal each day. This means all transactions for the day are uploaded and processed and the fees are more cost effective. Waiting a few days or even doing the batch process weekly will result in much higher fees.
To lessen the chances of credit card fraud and avoid higher fees there are some things you can do. Many processing companies are using address verification services. This simply adds the step of having your customer enter their address when the card is processed. The address is checked with the issuing bank to verify the card. Some companies also use the person's zip code for verification.
Credit card processing fees can add up. That small percentage you see initially must be multiplied for each transaction. All other fees added on can add up much faster than expected. Just be careful before you sign with a company! Negotiate with your company to get the best deal.
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Want more tips on how to run a great laundromat? Talk with the professional team at T & L Laundry Equipment today. Learn how the latest products from the best Speed Queen and Continental Girbau dealers in North Carolina can help elevate your customers' experience in your laundromat even more.
