Are you paying too much for card processing?
A quick business guide to keeping your card payment costs down
We can say from experience that a lot of small businesses pay way too much for card processing.
It's entirely understandable - small businesses have a lot on their plates. And it's just one of many bills that can slowly creep up without you noticing.
So what are the signs that you might be overpaying? And how much could you save by taking the time to actually dig deeper into this?
Understand your charges
The reason small businesses often overpay on card payments is that card processing bills are far from straightforward. They comprise many different charges, which may include:
- Merchant service charges
- Terminal hire fees
- Authorisation fees
- Set-up fees
There are others too, such as payment gateway fees. All this should be clearly broken down and listed in your monthly bill, but it's hard to understand whether you're getting a good deal or not. After all, the actual amount you pay each month changes according to the number of transactions you process.
However, some of these fees are fixed and shouldn't change - for example, terminal hire. If you can identify those fixed fees, that will help you to identify where you might be overpaying.
Check how long you've been with your current provider
If you've been with your current provider for a long time, there's a good chance you might be able to find a better deal elsewhere.
Not only has the marketplace become more competitive over recent years, but some providers have had a tendency to gradually increase their prices.
The answer is simple: go on the hunt for a better deal.
How much could you save?
The amount you'll save depends greatly on the type of business you run.
If you process hundreds of payments every day, for example, a small improvement in the rates you're charged could result in massive savings - hundreds, if not thousands of pounds a year.
But even for a business that transacts less often the savings could still be significant. Comparing prices is always a good idea.
Start your search with XLN Pay
XLN Pay provides card payment services exclusively for small businesses, and among many money-saving benefits, we're currently offering free terminal rental for 3 months.
Getting a quote is quick and simple - and switching to XLN Pay is too. So see much you could save here.