The question you should ask yourself is this: how much volume do I plan to process and what would my total fees be? Let’s take an example:Ĭompany 1 has a $50.00 monthly fee (fixed cost) but charges 2.49% on transactions (variable cost).Ĭompany 2 has no monthly fee (fixed cost) but charges 2.70% on transactions (variable cost). Most of the time, if fixed costs are low, variable costs will be higher, and vice versa. How Much Credit Card Volume Will Your Business Process Monthly? Variable costs, on the other hand, are those that fluctuate with volume–the more you sell, the higher costs you’ll incur. Fixed costs are those that remain the same every month, regardless of the volume of transactions. When looking at pricing, you have two parts to consider: the fixed and variable components. Pricing should definitely factor into your decision making and we’d be remiss if we didn’t mention it.
Is the credit card reader provider competitively priced? Switching payment solutions can be a pain, but you can save yourself that hassle by picking the right solution from the start. Even if you don’t currently bill your customers on a recurring basis, you might do so in the future. When picking your payment solution, make sure to look for this option. While many businesses successfully employ this billing approach, surprisingly few payment solutions offer recurring billing options. Recurring billing is the holy grail of sustainable business models–sell a customer once and then deliver for that customer on a schedule, all the while billing on a recurring schedule. Win, win! Does the credit card reader provider offer recurring billing? What business enjoys having money tied up in Accounts Receivable? None! However, by conveniently accepting payment at the time of the value delivery, your business creates a fluid and painless process for your customers while delivering a faster cash flow for you. Without mobile swipers, your only alternative is to complete your product or service for your customer and key enter payment information or send an invoice later. With mobile swipers, not only do you get paid more quickly, but you also create a more seamless experience for your customers.
The greatest benefit of mobile card readers is that they allow for improved business cash flow. With PaySimple’s Bluetooth capable mobile card reader, customers can dip or tap their credit card for contactless payments.
SETTING UP CREDIT CARD TERMINAL SOFTWARE
Mobile card readers connect to a smartphone or tablet and sync with the payment software allowing businesses to easily collect payments when they are in the field or at trade shows.
SETTING UP CREDIT CARD TERMINAL FREE
The ultimate guide to safely accepting credit cards for small businesses and startupsĬlick here to access the FREE Does the credit card reader provider offer a mobile payment solution?
75% of consumers prefer to pay with credit or debit cards
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