Lowering Your Expenses By the Numbers

Dec. 16, 2012 - PRLog -- Lowering Your Expenses By the Numbers

By Scott Einiger
All Media Rights Reserved. Copyright 2012

Most businesses don't recognize that the way they collect their fees can actually cost them money. Sometimes charging $1.00 actually only realizes a business owner .97 cents or less based on the time value of money and the credit or debit card processing fees incurred.

With the myriad of payment methods available- check services, debit, credit, or charge card payments,  processing your fees through electronic payment solutions or face to face can greatly impact the bottom line. An easy way to learn your current processing costs and maximizing revenue  is by obtaining a free no obligation analysis at www.chargecardsavings.com.

Payment processing services include both credit card processing and debit card processing.  Many ISO (independent service organization), a firm or organization that offers to process the credit or other charge card payments for a transaction fee, will receive their payment above the bank or discount rate that is set. The bank or discount rate is the percentage the bank charges as per American Express, Visa or MasterCard for example.

All banks are required to have at least three rate structures for credit  card processing: 1) retail face to face processing are usually the lowest, 2) phone, mail and Internet rates and 3) imprinted or phone authorized rates.  Depending on the type of charge card, used their are different transactional  costs applied. It is very important for each business to correctly classify  the way it accepts charge card payment to achieve the best rate structure.  Whether through sophisticated online credit card payments or through swiping a credit card machine, this analysis is critical to obtain the best pricing.

When working with ISO, businesses need to understand that the rates set are variable.  One way to obtain preferred pricing is to work with a company known for steep discounting because their business model is based on lower profit per business while doing business on a volume basis.  As an example some ISO's are endorsed by large Associations and Societies providing  extra value for organizations with 1000's of members.  Value added  benefits and preferred pricing is available as provided by www.chargecardsavings.com.

When  selecting the right merchant processing partner, knowing who you are associated with is key.  As an example, First Data, a Fortune 50 company, handles merchant processing for  almost 70% of the credit card transactions in the country.  Do you know who your merchant processing company is associated with?

To better understand your current credit card or debit card transactional cost structure, it is important to receive a line by line transparent analysis of the true costs being charged.  Being an educated business owner whether generating millions of dollars or hundreds of thousands of dollars per year will ensure you receive fair pricing and ultimately more profit.

This free analysis is as simple as providing a recent credit card statement and providing a contact person.  Thereafter,  a business owner receives a true comparison of its current transactional fees and an immediate lowering of   expenses upon implementation thereby increasing revenues.  We have saved  thousands of dollars for individual business owners.

For information about lowering your business transactional costs contact info@chargecardsavings.com or visit www.chargecardsavings.com.