Many small companies start out with card machine providers where payment terminals have no set monthly fees - This can be a low cost option if you’re just starting up and do not expect to transact very much in the beginning. But just like that long lost schoolyard crush, 90% of the time your first choice for business start-up isn’t always the best choice for your business going forward. There are lots of different options available to businesses with various fee schedules and payment plans. The major problem that many SME’s in Ireland face when choosing the cheapest payment processor or merchant services provider can in often be more about timing than pricing. The Problem with Choosing a Suitable Card Payment Processor Try to avoid missed payment opportunities as the demand and expectation for cashless payments continues to grow rapidly. If you’re not yet accepting any form of credit or debit card payments we would suggest taking a minute to understand just how much revenue potential your company may be losing out. This is of course normal when paying % fees on transactions but now could be a good time to shop around and ensure you're receiving the best rates. You might just find that as you grow your business, so too are your payment processing fees. Review your terminal fees provided by your merchant service provider or payment processing partner. If you currently accept credit or debit card payments in your store or online, we suggest taking a look at your yearly total expenses and fees. When Should I Review My Card Terminal Fees? Take some time to review your costs and ensure you're getting the cheapest fees on your card payment device to suit your business needs. One area we suggest looking at is your credit and debit card reader and payment terminal fees. You could be over-spending on services, business tools or products that up to now seemed like totally good investments.īut as you grow your business its always a good idea to take an over-head view of your current investments and ensure everything remains fit for purpose. Let's get down to the crux of it – Additional sales aren’t always the answer to increased cash flow. Perhaps in an article written by a helpful merchant services company that just happened to be right on time… Cash that will make a real difference to your business…īut luckily, every now and then there’s that very rare occasion when the answer just lands square on your lap. So, you’re forced to look a little deeper to find that extra cash. Additional cash flow would help you to take things to the next level…īut to create more sales you may require additional marketing budget, or maybe even brand-new products or services! That’s just not an option right now. You’re doing well but there’s always room for improvement. We’ve talked about it before – One of the most important success factors of any business is funding and cash flow! Perhaps you’ve set in place the perfect plan of action for your business - Sales are good (but more sales are always helpful), and expenses are kept to the absolute essentials.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |