Using The Correct Credit Card Processing Company For Your Business

April 10, 2011 - PRLog -- With all the reward programs like Air Miles and other incentive programs being offered by credit cards more and more people are using credit cards as their preferred payment method so they can take advantage of these programs. This is great to us the consumer but someone has to pay for the Air Miles and other reward programs. This tab is being picked up by the business owners, and therefore they are having to be very selective as to who they are using as their credit card processing company.

Speaking with 2 different Saskatoon business owners in the same industry I found they were both using different providers and both were paying different rates. Smithson says he is paying 1.94% for Visa and Mastercard for a standard purchase. If it is an Air Miles card then he is paying the 1.94% plus an additional 1.33% to cover the cost of the Air Miles. Koehler on the other hand was paying 2.10% for Visa and Mastercard, and then if it was an Air Miles card he was paying an additional 2.10%. Both Smithson and Koehler weren't aware they had different options for their credit card processing as both just went through their bank which always isn't the cheapest option.

So what is the best way of knowing if you are using the best service provider? Speaking with Jamie Kochan who is a Merchant Account Specialist with Moca Payments he says "the first thing you want to have done is a review of your current services. Determine what rates and fee's you are currently paying". Kochan also goes on to say "in today's market it's not just about the lowest rate, but also increasing revenue by using Gift Cards, Receipt Advertising and others means to help increase revenue. Increasing revenue helps increase the bottom line more than having a lower rate."

Accepting credit cards is a cost of doing business. Make sure your costs are a minimum, and start increasing revenue. Start of by getting a no cost assessment of your current services from an expert like Jamie Kochan at Moca Payment Sevices.

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Today there are so many options for merchants as far as choosing a payment process company. More than 99% of the time companies only look at the rate that is being offered. But there is so much more to be taken into account, and that is where I come in.