As a small business owner, is it a good idea to add credit card surcharging to customer transactions? Most businesses know that they need to accept credit card payments or they risk a loss of sales. But, it can be disappointing to see the money that is lost due to the high cost of processing all of the transactions.
If you feel like your profits are leaking through the credit card machine, then you might consider the option to add surcharges. Surcharging became legal in the United States in 2013, and many companies are choosing to use this method to offset the loss that happens when a transaction goes through. Merchants that implement surcharging have experienced substantial savings with this system.
A Small Fee for the Privilege of Using a Credit Card
Offering multiple payment options allow your customers the option to choose their preferred method of payment. Often, cash or debit card transactions are free since fees aren’t accrued with the transaction. But, merchants might choose to charge customers the fee if a credit card is used.
Some industries are hit by credit card transactions more than others. If you are in the business of selling high ticket items, then you are a great candidate for a cheaper credit card processing system.
As long as you follow the government regulations and local requirements, you can charge a fair fee for the transaction. It is important that you are transparent with the fees. These details need to be posted in a visible location near the register.
Save Thousands of Dollars a Year
Add up the credit card fees that you are paying, and you will see that these expenses are costing your company thousands of dollars every year. In fact, most business owners agree that credit card transaction fees are the fastest growing operating costs that need to be addressed.
A zero-cost credit solution solves this problem, adding thousands of dollars back to your profit margins. Instead of footing the bill for these expenses, you can pass the surcharges back to your customers.
Do you need help implementing the right credit card system for your business? Contact me to learn more about the options that are available to minimize your out-of-pocket expenses.
