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Top Methods to Save Money on Payment Processing Top Methods to Save Money on Payment Processing
Managing your business’s finances is your responsibility. This aspect applies to every aspect of the firm, and free ach payment processing that your company... Top Methods to Save Money on Payment Processing

Managing your business’s finances is your responsibility. This aspect applies to every aspect of the firm, and free ach payment processing that your company pays monthly.

It is very typical for a business to accept the first or second offer they get when originally setting up your business’ payment processing accounts. It is even more widespread for a business to stay with an organization even if they could be saving fees, often in the thousands of dollars annually, by periodically shopping around or calling their merchant to see if their rates can be reduced.

Setup right from the start

The chances are that when you initially registered your company, you were pestered with some calls from your merchant service providers offering you the capability of accepting credit cards and other forms of electronic payments. If you accepted one of these offers without researching your other options, you are probably paying much more than you are required to be for credit card processing to take place. The best answer for any business, existing or startup, is to shop around for the best possible deals. The first place to start shopping is the internet. With so many payment processing providers in a direct open competition of each other, you are sure to find several good businesses, and the best rates available.

Consider ACH Payment Processing

ACH payment processing is payments that are electronically transferred through an Automated Clearing House (ACH) network. This process allows us to make a direct fund’s transfers between two distinct bank accounts. As a growing and prevalent alternative option to paper checks, ACH payment processing is being used for direct deposit payroll, payment of monthly bills, invoices, subscription centered services and a broad range of payments that are of a recurring nature.

One of the most significant aspects of ACH payment processing is that banks and other financial organizations like handling them first, so to compensate, people who chose to make their payments using ACH processing will be more likely to get paid sooner than those who are using the conventional methods of paper checks. Additionally, ACH payments may only be disputed for three fundamental reasons, those being: if the funds moved was not the exact amount that was approved, the transaction took place before the authorized date, or that the transaction was never fully permitted at all. On the other hand, traditional payment procedures such as credit cards may be disputed for various reasons. Additionally, it is more customary that credit cards have a larger non-payment rate, banks and financial institutes may also at times keep the funds on hold for a lengthy period.

Stay away from the bank

Banks do provide merchant services, Yes, this is true, but all but a few huge banks sign their clients with a private merchant service provider. Banks that do not provide their merchant services mark up costs from a dealer service provider, so they can also make a profit on your business. You are paying extra for a middle person when you don’t have to be. Those banks that do provide their merchant accounts have much larger costs and poor customer service concerning merchant service providers. These providers also have much higher equipment prices and will almost always try and push or force equipment leases on their clients. Allow your bank to manage your checking account, but keep your merchant account separate.

Listen to colleagues

Ask around when you interact with other business owners and find out what services they are using. There is no replacement for a good experience and referral from a trusted colleague. Start getting in touch with a trusted ACH payment processing today.