Every business owner that wants to keep from being blown away by the competition is well aware that not having a credit card processing terminal is equal to going to the woods and throwing your money away into a bum fire How to become a how to start a credit card processing company . However, what most business owners do not understand is that their current terminal could be doing the exact same thing; losing them hundreds, even thousands of dollars every month.
Programming your credit card processing terminal to do a few simple tricks can make a world of difference, and lead to mountains of new revenue flowing into your business. It can also keep you from losing money every month due to unnecessary fees and charges.
Programming your credit card processing terminal to auto batch is a must because it will drastically cut the percentage of every dollar taken by the processing company. Every time a transaction is swiped through your terminal you are charged a set fee; however, what most business owners do not know is that every day you go without batching out that transaction you automatically attain extra charges and fees associated with that transaction. Those extra fees and charges can literally take your original discount rate of 1. 79% up to 3% or 4%. This might seem like a slim difference initially, but when you apply those differences to thousands of dollars over thousands of transactions it equates to thousands of dollars lost.
This problem is simple and can easily be fixed. All you have to do is reprogram your credit card processing terminal to auto-batch at the end of every work day. The only reason a business would not be able to auto batch is if it takes tips via credit card. Fortunately those businesses can still keep from losing money ever month by getting the last employee of the day to stop by the credit card processing terminal and batch out all the transactions before leaving for the night. Making this one change to your business will lead to a notable difference in your next processing statement.
Checks and Google wallet are the most common forms of payment turned away by a majority of businesses due to their credit card processing terminal. Turning away customers leads to thousands of lost dollars, so once again your credit card processing terminal is practically throwing your money away into a bum fire if this is the case. Society is always advancing, and it is up to the educated business owner to stay on the cutting edge of these advancements.
Many business owners turn away checks because they are scared the check may bounce leaving them stuck with the bill. Fortunately, business owners can now trade in for a credit card processing terminal that converts every paper check into an electronic check. The best part is that while it converts the paper check to its electronic form, it also ensures that funds are available so that you are never left picking up the bill. Now I know what many people are saying. “Well my credit card processing terminal does not need to be updated because most of my customers do not pay with checks anyways. ” Well this might seem true initially, but have you ever stopped to think that maybe no one walks in with checks because of the fat card-board sign you have hanging in the window that says, “We do not accept Checks! ” Having a credit card processing terminal that accepts checks will not only keep you from having to turn away numerous amounts of money, but will also lead to new clientele visiting your business just for the simple fact that you accept their preferred form of payment.
Google Wallet is a new form of payment that is making its way quickly around the market place. Google wallet allows customers to transfer money to the merchant by simply tapping their phone on the credit card processing terminal. This form of payment is more secure, completely free to use, and much quicker which means everyone is sure to convert to it very soon. If your credit card processing terminal is not up to date it will keep you from taking advantage of all the new revenue associated with this form of payment. Obviously, with Google backing this charge and our current infatuation with our cellphones, it is clear that this form of payment will become viral within a few months.
In conclusion, a credit card processing terminal is an essential addition to any business, and will lead to tons of revenue if used correctly. No business should ever deny some one from using their preferred form of payment. The amount of payment forms you accept is directly proportional to the amount of revenue and cash flow you will see entering your business. Simple tricks accompanied by the right processing company will ensure that your credit card processing terminal is not losing you more money than it makes.