Things have certainly changed in the past several months. In the new COVID-19 era, most large and small businesses alike are scrambling to find ways to lower costs without sacrificing quality. Although restaurants have been allowed to remain open, offering curbside or delivery options only, are leading many to adjust their daily operations to keep their heads above ground. If you are one of them looking for a way to lower your costs that will last long after social distancing is behind us, then looking to lower your credit card processing fees is genius.
The Status Quo Isn’t Working
Over the past several years, the economy has been chugging along well. And when times are good, many small business owners are so wrapped up in the day to day operations and quality control of their restaurant, that if something doesn’t seem broke, why fix it? Now that things have come to somewhat of a screeching halt, it is time to reevaluate all of those things that you took for granted. Credit card processing fees are one of those expenses that you have probably not thought much about, or considered finding an alternative to. But with time on your hands and more options presented, it is time to take a good look at how much you are wasting!
Who Determines Credit Card Processing Fees?
Credit card processing fees or “merchant discount rates,” as they are euphemistically called, are fees that a business pays to the debit or credit card for every sale made. It is a fee that is determined by your service provider, and it is typically determined by three things; service or assessment fees, payment processor’s makeup, and interchange fees. There are generally three different companies involved in deciding the fees, the card network, the payment processor and the company that issues the card.
What is the Average Credit Card Processing Fee?
On average, when all things are taken into consideration, the typical cost of credit card processing for businesses is somewhere between 2.80 and 4.40 percent per restaurant’s transactions. The amount you pay is calculated using the annual account, chargeback, and PCI-compliance fees. So when all is said and done, the average restaurant pays about 28 to 60 percent more than what they were originally quoted. And you also have to take into account that your business is responsible for paying for things like software subscriptions and hardware leases. But when things are going well and money isn’t in short supply, who is really paying that much attention to small, insignificant transaction fees? We are!
What we Offer
At FuSwipe, we don’t believe that you should be paying more for using our credit card processing service. In fact, we believe in saving you money. After all, the more transactions you swipe, the more we do. If you haven’t looked into your processing fees, now is an excellent time to evaluate how much you are paying. What you will find is that you are dishing out way more than you have to for no reason at all.
Our service works securely, conveniently, and the start-up is quick so that you can get your online ordering and processing on target to take credit cards with ease. And done so not next week or next month, but today. And if you already have a processing company, we can almost guarantee that using our processing service will save you as much as 15-20% on your credit card processing fees. That kind of savings will not only help in the COVID-19 era but long after life has returned to normal.
When things are going well, it is easy to stick with the status quo. When it comes to credit card processing fees, however, the status quo isn’t working anymore! While looking into ways to lower your operating costs, your best bet to find instant savings is to switch to FuSwipe. The chances are great that we can save you a significant amount, and also get you up and running as quickly as possible! Contact us today to discuss how we can save you 15-20% on every credit card transaction you make now, and going forward.