Today’s processing rates are low enough that even the smallest mom and pop business can easily afford to accept electronic payments. Also, keep in mind that it is all relevant, the increase in sales your business receives by accepting electronic payments more than covers the small costs involved. Just as your company needs to make a profit in order to sustain itself, so do merchant service providers, after all it is a business like any other.
It’s important to understand the various fees associated with merchant services as they can vary greatly across different providers. Typical fees include: transaction fees, statement fees, discount rates, and termination fees among other miscellaneous fees. Refer to “Understand Credit Card Processing Fees” for a detailed explanation of the various fees. Lastly, don’t be fooled into making a decision based on receiving a “Free” terminal, as it will likely cost you much more in excessive fees over the long run.
EPS offers free statement analysis with no obligation for any business to learn what the true cost of their processing is, call 800-863-5995 to see what you are really paying.
