Most people do not consider this a large expense. But when the fees start adding up, that's your profits that are going away.
Did you know that you should be calling your Merchant Account Processor every 6-12 months to renegotiate your fees? Your business is constantly growing and you need a processor that will grow with you.
Take a look below at our example of 2 sets of charges from 2 different companies and see how much money is saved each year with lower fees!
Yahoo has partnered with Paymenttech for Processing Credit Cards however, their fees are quite high.
Let's look at an example of 2 stores.
Paymenttech Fees - 2.69% and 2.58% for debit cards plus 0.20 per transaction 22.95 per month plus you must wait 5 business days to receive your money.
$5,000 a month in sales. 50 transactions per month.
Paymenttech - 22.95 + 134.50 (Percentage Fees) + 10.00 (Per Transaction Fee) = 167.45
1 Choice Price 9.50 + 111.00 + 6.00 = 126.50 You Save $40.95 A Month or $491.40 A Year
$20,000 a month in sales. 100 transactions per month
Paymenttech - 22.95 + 538.00 + 20.00 = 580.95
1 Choice Price 9.50 + 438.00 + 12.00 = 495.50 You save 121.45 a Month 1457.40 a Year
1 Choice 4 Merchant Account
|Discount Rate ||2.15% - 2.19% (Depending on Volume) |
|Transaction Fee ||$0.14 |
|Statement Fee ||$12 |
Deposits are typically made within 24-48 hours.