What small business owners need to know about credit card transaction fees

The most successful business owners pay attention to detail and make sure their numbers are accurate. Being prepared and thoroughly researching the costs involved with whichever vendor you choose.

In this piece you’ll find some very helpful information to make sure credit card transactions don’t adversely affect your bottom line.

Transaction fees vary according to the facility you’re using.

Mostly fees sit around 5%, but there are providers who try to push for inflated rates. Whether you’re looking for mobile POS, or traditional, always question terminology you don’t understand. Complicated terminology and use of jargon is often used to deceive unsuspecting prospects.

Always, always read the fine print to avoid hidden costs.

Don’t tolerate being charged extra for statements. The best in the business charge a flat fee, and only per transaction. Anyone that tries to justify charging fees over and above transaction fees wants to take you for a ride.

Remember to adjust your pricing accordingly once you incorporate credit-card transactions. Position your markup carefully so that you still offer your customers value but also profit reasonably instead of breaking even or coming out short.

There’s the long and the short of it, a credit card machine can really boost your business, just make sure you get the most out of it by getting the relevant information and protecting yourself against coughing up for services that should be free.